Simiqueli FelipeResende M

81,9(56,'$'((67$'8$/'(&$03,1$6
,167,7872'(),/262),$(&,Ç1&,$6+80$1$6

)(/,3(5(6(1'(6,0,48(/,

3RUXPD6RFLRORJLDGD/RXFXUD
(VWXGRVHQWUHQRUPDHLQVDQLGDGH

&$03,1$6

81,9(56,'$'((67$'8$/'(&$03,1$6
,167,7872'(),/262),$(&,Ç1&,$6+80$1$6

)(/,3(5(6(1'(6,0,48(/,

3RUXPD6RFLRORJLDGD/RXFXUD
HVWXGRVHQWUHQRUPDHLQVDQLGDGH

2ULHQWDGRUD3URI'U0DULD/\JLD4XDUWLPGH0RUDHV

'LVVHUWDomR GH 0HVWUDGR DSUHVHQWDGD DR ,QVWLWXWR GH
)LORVRILD H &LrQFLDV +XPDQDV GD 8QLYHUVLGDGH
(VWDGXDO GH &DPSLQDV SDUD D REWHQomR GR 7tWXOR GH
0HVWUHHP6RFLRORJLD

(VWH H[HPSODU FRUUHVSRQGH j YHUVmR ILQDO GD
GLVVHUWDomR GHIHQGLGD SHOR DOXQR )HOLSH 5HVHQGH
6LPLTXHOL H RULHQWDGD SHOD 3URI 'U 0DULD/\JLD
4XDUWLPGH0RUDHV
&3*BBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBB

&$03,1$6

Ficha catalográfica
Universidade Estadual de Campinas
Biblioteca do Instituto de Filosofia e Ciências Humanas
Cecília Maria Jorge Nicolau - CRB 8/3387
Simiqueli, Felipe Resende, 1991-

Si45p SimPor uma sociologia da loucura : estudos entre norma e insanidade / Felipe
Resende Simiqueli. – Campinas, SP : [s.n.], 2020.
SimOrientador: Maria Lygia Quartim de Moraes.

SimDissertação (mestrado) – Universidade Estadual de Campinas, Instituto de
Filosofia e Ciências Humanas.
Sim1. Parsons, Talcott, 1902-1979. 2. Goffman, Erving, 1922-1982. 3.

Foucault, Michel, 1926-1984. 4. Loucura. 5. Normas sociais. I. Moraes, Maria
Lygia Quartim de, 1943-. II. Universidade Estadual de Campinas. Instituto de
Filosofia e Ciências Humanas. III. Título.
Informações para Biblioteca Digital
Título em outro idioma: For a sociology of madness : studies between norm and insanity
Palavras-chave em inglês:
Madness
Social norms
Área de concentração: Sociologia
Titulação: Mestre em Sociologia
Banca examinadora:
Maria Lygia Quartim de Moraes [Orientador]
Fabio Mascaro Querido
Bruno Ferrari Emerich
Data de defesa: 30-03-2020
Programa de Pós-Graduação: Sociologia
Identificação e informações acadêmicas do(a) aluno(a)

- ORCID do autor: https://orcid.org/0000-0003-2335-0321
- Currículo Lattes do autor: http://lattes.cnpq.br/4717417308283133
Powered by TCPDF (www.tcpdf.org)

¾

8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV±81,&$03
,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDV±,)&+

$ &RPLVVmR -XOJDGRUD GRV WUDEDOKRV GH'HIHVDGH'LVVHUWDomRGH0HVWUDGRFRPSRVWD
SHORV 3URIHVVRUHV DV 'RXWRUHV DV D VHJXLU GHVFULWRV HP VHVVmR S~EOLFD UHDOL]DGDHPGH
PDUoRGHFRQVLGHURXRFDQGLGDWR)HOLSH5HVHQGH6LPLTXHOLDSURYDGR

3URI̥'U̥0DULD/\JLD4XDUWLPGH0RUDHV
3URI'U)DELR0DVFDUR4XHULGR
3URI'U%UXQR)HUUDUL(PHULFK

$ $WD GD 'HIHVD FRP DV UHVSHFWLYDV DVVLQDWXUDV GRV PHPEURV HQFRQWUDVH QR
6,*$6LVWHPD GH )OX[R GH 'LVVHUWDomR7HVH H QD 6HFUHWDULD GR 3URJUDPD GH 3yV *UDGXDomR
HP6RFLRORJLDGR,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDV

Â

$RVPHXVSDLVHLUPmRVSRUWXGRRTXHYLYHPRV
¬*HUDOGDSRUWXGRRTXHYLYHX

Ã
$JUDGHFLPHQWRV

-DPDLV HVWD GLVVHUWDomR WHULD VLGR WUDQVIRUPDGD HP WH[WR VHP D LQVSLUDomR HQODFH H
LPSXOVR GH FDGD SHVVRD HQWLGDGH RX FROHWLYR QHVWD OLQKDV HVERoDGRV 2 RItFLR DFDGrPLFR p
DUWHVDQDO H ODERULRVR XPD SDUWH GH PLP HVWiDTXL7RGRVHVVHVIRUDPQHFHVViULRVSDUDTXHHX
WLYHVVHI{OHJRHSXGHVVHVHJXLUDGLDQWHDWpRDTXLHRDJRUD
0HXV SDLV SRLV FDGD ILEUD GH PLP GHYH j VXD YRQWDGH H SHUVHYHUDQoD (VWH WH[WR
WDPEpPpGHYRFrVIDOHPGHOHSDUDWXGRHSDUDWRGRVFRPRUJXOKRTXHVDEHPGHPRQVWUDU
0HXV LUPmRV 5REHUWR H $QD 3DXOD WULOKDUDP HVVH SHUFXUVR DQWHV GH PLP H PH
DSRQWDUDP R FDPLQKR D FDGD IDOWD G~YLGD RX LQFHUWH]D &DUOD 3HGUR H *LRYDQHFRPTXHPD
DWHQomR LD D OXJDUHV H VLWXDo}HV RXWURV j SUHRFXSDomR GHVWH WH[WR REULJDGR SRU LQWHJUDUHP
HVVDIDPtOLD
3kPHOD 2EULJDGR SRU HVWDU DR PHX ODGR GXUDQWH R SHUtRGR GHUUDGHLUR GHVWD
GLVVHUWDomR SRU FRPSUHHQGHU R VDFULItFLR GHSUHHQGLGR SHOD DWLQDGD SHUFHSomR GD OHLWXUD H R
GL]HUVHPSUHVLQFHUR
0LQKD RULHQWDGRUD 0DULD /\JLD $JUDGHoR SRU DEUDoDUHVWHWUDEDOKRHPXPPRPHQWR
WmR FUtWLFR D JXLiOR SDUD XP UXPR GHILQLWLYR $JUDGHoR WDPEpP SHODV SUHFLVDV FUtWLFDV H R
ROKDUH[SHULHQWHQDOHLWXUDGRWH[WR
$RV SURIHVVRUHV )iELR 4XHULGR 7DQLHOH 5XL -RVXp GD 6LOYD )HUQDQGR /RXUHQoR
%UXQR (PHULFK H 5DFKHO *RXYHLD REULJDGR SHODV FUtWLFDV H FRQVHOKRV GXUDQWH R SHUtRGR
LQFXEDWyULRGHVWHWH[WR(OHVSRVVLELOLWDUDPRVHXDSURIXQGDPHQWR
$R JUXSR GH SHVTXLVD 7HRULD &UtWLFD H 6RFLRORJLD H WRGRV RV VHXV PHPEURV ,VDEHOD
/XtVD H &DLR FRP TXHP GLYLGR DVLQFXPErQFLDVGD&RPLVVmRGH&RPXQLFDomRDJUDGHoRSRU
SHUPLWLUHPFRQVWUXLUXPDSDUFHULDDRORQJRGHQRVVRWUDEDOKRDFDGrPLFR
0HXV FDURV DPLJRV H FRPSDQKHLURV 'DQLHOD 0DULQD )HUQDQGR (GXDUGR 6RILD
5DIDHO 0DUFRV 0RQWDQGRQ -XOLH 5REHUWD (OLVD /XFDV /XFDV 7KLDJR 5DID 'X 3HGUR
/LYLD H *XL 9RFrV WRUQDUDP WXGR PDLV OHYH H SUD]HURVR REULJDGR SRU FDGD FRQYHUVD H FDGD
DEUDoR

Ä
0iUFLD 7rOD FRQKHFLGR PH S{V QXPD WUDMHWyULD GH DXWRQRPLD H UHFRQKHFLPHQWR (X
Vy WHQKR D DJUDGHFrOD 0XLWR REULJDGR SRU WRGDV DV FRQYHUVDV FKRURV H FUtWLFDV D
YDORUL]DomRWHPGHVHUFRQVWDQWH
2 SUHVHQWH WUDEDOKR IRL UHDOL]DGR FRP DSRLR GD &RRUGHQDomR GH $SHUIHLoRDPHQWR GH
3HVVRDOGH1tYHO6XSHULRU%UDVLO &$3(6 &yGLJRGH)LQDQFLDPHQWR
$ SXEOLFDomR GHVWH WUDEDOKR HQFRQWUD XP SHUtRGR GH SDQGHPLD GHVYDORUL]DomR GD
FLrQFLDHVRIULPHQWR3HODFLrQFLDSHODSHVTXLVDHSHODXQLYHUVLGDGHS~EOLFDSHUVHYHUHPRV

¼¼

$WLUH HP WRGRV RV JDLRV TXH TXLVHU VH
FRQVHJXLUDFHUWiORVPDVOHPEUHVH
pSHFDGRPDWDUXPURX[LQRO
26ROpSDUD7RGRV
+DUSHU/HH

À

$EVWUDFW
7KLV ZRUN LGHQWLILHV DQ DFDGHPLF OLWHUDWXUH OLQNLQJ QRUP DQG PDGQHVV EHWZHHQ WKH
\HDUV WKURXJK DQG DQDO\]HV WKH OLPLWV RI VRFLRORJ\ LQ XQGHUVWDQGLQJ WKH ILHOG RI
0HQWDO ,OOQHVV 0DGSHRSOHKHUHDUHXQGHUVWRRGDPRQJYDULDEOHPHDQLQJVE\WKHELEOLRJUDSK\
SRUWUD\HG LQ HDFK FKDSWHU VXEMHFW WR WKH QRUP 7KH\ PD\ EH WKH PHQWDOO\LOOVLWXDWHGEHWZHHQ
GLVHDVHDQGGHYLDWLRQLQWKHVWUXFWXUDOIXQFWLRQDOLVPRI7DOFRWW3DUVRQVDQG5REHUW0HUWRQ2U
WKRVH ZKR GHPRQVWUDWH SV\FKLF V\PSWRPV DQGRU PHQWDO V\PSWRPV SHUFHLYHG E\ D
VWLJPDWL]LQJ VRFLDO FKDUDFWHUL]DWLRQ LQ (UYLQJ *RIIPDQ 2U HYHQ WKH\DUHWKHDQRPDORXVRQHV
LQ WKH OLWHUDWXUH RI 0LFKHO )RXFDXOW DQG *HRUJHV &DQJXLOKHP VLFN DEQRUPDO RU PRQVWHUV
)URP D WKHRUHWLFDO DQG TXDOLWDWLYH UHVHDUFK ZH VRXJKW WR UHVFXH D 6RFLRORJ\ RI 0HQWDO
'LVHDVHV ZULWWHQ LQ WKH PLGWZHQWLHWK FHQWXU\ DQG PRVWO\ VHOGRP YLVLWHG LQ RXU WLPH :H
LGHQWLILHG WKH YDULDQW SRVLWLRQ RI WKH PDGPDQ ZLWKLQ WKH VFRSH RI WKHVH WKHRULHV
XQGHUVWDQGLQJ KLV SRVLWLRQ WKURXJK WKH FRQFHSWXDOL]DWLRQ RI SHUVRQDOLW\ LQVWLWXWLRQDOL]DWLRQ
LQWHJUDWLRQ FRQWURO DGDSWDWLRQ DQG QRUPDOL]DWLRQ DFFRUGLQJ WR WKHWKHRUHWLFDOIUDPHZRUNRI
WKHLU DXWKRUV 7KH PDGPHQ DQG PDGQHVV ZHUH SUHGRPLQDQW RU GLPLQLVKHG LQ WKH WKHRULHV
GLVFXVVHG KHUH KDYLQJ JUHDWHU RU OHVVHU UHOHYDQFH WR WKH UHODWLRQVKLS EHWZHHQ DFWLRQ DQG
VWUXFWXUH 7KH WKHRUHWLFDO WUDQVLWLRQ LV DOVR UHSUHVHQWDWLYHRIWKHDFFHSWDQFHRUQRQDFFHSWDQFH
RI WKH PDGPDQ DQG WKH FRQFHUQ ZLWK KLV VRFLDO FRQWURO RU WKH XQGHUVWDQGLQJ RI KLV KXPDQ
DFWLRQ

.H\ZRUGV 0DGQHVV 6RFLDO 1RUPV 3DUVRQV 7DOFRWW *RIIPDQ (UYLQJ )RXFDXOW
0LFKHO

¼»
/LVWDGH)LJXUDV
)LJXUD2UJDQL]DomRVLPSOLILFDGDGR6LVWHPD*HUDOGD$omRHGR&RPSRUWDPHQWR««
)LJXUD,QWHUDomRQR4XDGURGH5HIHUrQFLDGD$omR««««««««««««««
)LJXUD7LSRORJLDGHPRGRVGHDGDSWDomRLQGLYLGXDOHP5REHUW0HUWRQ««««
)LJXUD26LVWHPD6RFLDOHD2UJDQL]DomRGH+RVSLWDLV3VLTXLiWULFRV«««««««

¼¾
,QWURGXomR

2 WUHP GH GRLGR SDVVDYD QR VHUWmR TXLQ]H SDUD D XPD GD WDUGH (OH ID]LD Vy XP
WUDMHWR R GH LGD6XDFKHJDGDHUDDFRPSDQKDGDGHXPDFHUWDWULVWH]DSRLVHUDTXDQGRSHVVRDV
HUDP HPEDUFDGDV SDUD VHPSUH (P XP GRV YDJ}HV DV VXDV MDQHODV HUDP JUDGHV IHLWRDVGH

FDGHLD SDUDSUHVRV OHPEUD-RmR*XLPDUmHV5RVD$RQRWDUTXHRYDJmRVHDVVHPHOKDDXPD

HPEDUFDomR 6RU{FR R SURWDJRQLVWD HYRFD XPD PHWiIRUD DWUHODQGR RV ORXFRV D YLDJHP (
HQILP DILUPD 3DUD RQGH LD QR OHYDU DV PXOKHUHV HUD SDUD XP OXJDU FKDPDGR %DUEDFHQD

ORQJH3DUDRSREUHRVOXJDUHVVmRPDLVORQJH
(VVD GLVVHUWDomR QDVFHX GH SDODYUDV FRPR HVVDV SHOD LQTXLHWDomR H LQGLJQDomR TXH
HODV WUD]HP &DSD]HV GH DUUHSLDU R FRUSR H WUHPHU D YR] (ODV VDHP DWUHODGDV D XP IDUGR
HQFDUQDGR QD PRUWH GH SHOR PHQRV VHVVHQWD PLO SHVVRDVSHODVPmRVGHIXQFLRQiULRVDVHUYLoR
GR GHVFDVR H GD LQGLIHUHQoD 7XGR LVVR VRE R FpX EUDVLOHLUR H QR VROR GH 0LQDV *HUDLV GH
RQGH SDUWH HVWH MRYHP SHVTXLVDGRU 2 +RORFDXVWR %UDVLOHLUR FRQVWLWXL XPD GDV PDLRUHV
WUDJpGLDV GD FRQWHPSRUDQHLGDGH QDFLRQDO H D PHPyULDGHOHHVWiVXEMHWLYDPHQWHQHVVDVOLQKDV

PHVPR TXDQGR HODV DSDUHQWDP WUDWDU GH DVVXQWRV GLVWLQWRV (OD IH] SDUWH GH PHX SUySULR
LPDJLQiULR TXDQGR DLQGD FULDQoD DSUR[LPDYDPH GR PXQLFtSLR GH %DUEDFHQD ORFDOL]DGR QD
VHUUD GD PDQWLTXHLUD 3DUD XP YLVLWDQWH VD]RQDO D SHUPDQrQFLD QD FLGDGH FRVWXPHLUDPHQWH
DWUDtD D FXULRVLGDGH VREUH R +RVSLWDO &RO{QLD R WUHP GRV GRLGRV H D LQVHSDUDELOLGDGHGDYLGD
GH VHXV KDELWDQWHV FRP D KLVWyULD GR KRVSLWDO SVLTXLiWULFR 6H HVVD LQTXLHWXGH YLQKD TXDQGR
FULDQoD QRV ~OWLPRV DQRV HOD VH WUDQVIRUPRX HP LQFUHGXOLGDGH H UHFHLR ,QFUpGXOR SHOD
FDSDFLGDGH GH XP SURFHVVR ORQJR GH H[WHUPtQLR H DSDJDPHQWR DFRQWHFHU WmR SUy[LPR H GH
¼
KZK QEI=NZAO KNk?K OQ= IZA OQ=BEHD= NEIAEN=OAOPjNE=OEK@A =JAENKOKR= NKJPAEN=
¼ÄÃÃL¾Á
½
X QI= ?KIL=N=^ZK AJPNA K R=CZKAQIJ=REKQI==HQOZKWJ=Q@KOHKQ?KOPQHPEBAN==REO`QI=@=O
BKNI=O LAH=O MQ=EO = OK?EA@=@A NAJ=O?AJPEOP= AQNKLAE= HE@KQ ?KI = LNAOAJ^= @= HKQ?QN= H= LKOOQEP=JPK
NALNAOAJP=^lAO =NPdOPE?=O MQ=JPK HEPANXNE=O OAJ@K LNKBQJ@=IAJPA NAPN=P=@= J EOPjNE= @= KQ?QN= @A
E?DAH KQ?=QHP OO= HAEPQN= A = PN=JOE^ZK @K O=>AN A @K ?KJDA?AN OK>NA K HKQ?K AOPZK ?KHK?=@=O
@AP=HD=@=IAJPAAIJKOOKPAN?AENK?=LdPQHKKQ?QN=A=JKNI=HE@=@AAI KQ?=QHP
¾
KZK QEI=NZAOLEP¼ÄÃÃL¾Â
¿
O EJRAOPEC=^lAO OK>NA K KHkJE= = =RANECQ=^ZK @K JqIANK @AIKNPKOA=NA?KJOPEPQE^ZK@=RE@=@AOAQO
EJPANJ=@KO A EJPANJ=@=O BKE @EBQJ@E@= IQJ@E=HIAJPA LAH=K>N= KHK?=QOPKN=OEHAENK@A=JEAH=N>ATO
EJBKNI=^lAO LNKRE@=O JAOOA L=NXCN=BK RaI EJE?E=HIAJPA @AOO= K>N= MQ=J@K JZK KNECEJXNE=O @A ?QJDK
LAOOK=HB=JEAH= KHK?=QOPKN=OEHAENKZK=QHK AN=^ZK@EPKNE=H½»¼¾

¼¿
IRUPD WmR LQWHJUDGD j %DUEDFHQD H j PLQKD SUySULD YLGD 1DV ~OWLPDVGpFDGDVQmRpGLItFLODR

IUHTXHQWDU DFLGDGHWHUFRQWDWRFRPRVGLVWLQWRVUHODWRVVREUHR+RVSLWDO&RO{QLDDQWHVPHVPR
GD SXEOLFDomR GDV PDLV YDULDGDV SHVTXLVDV H GD REUD GH $UEH[ $V DWXDLV JHUDo}HV DLQGD

SRVVXHP FRQKHFLPHQWR H SURGX]HP RSLQL}HV VREUH R RFRUULGR 0HVPR TXH QmR KDMD XP
YtQFXOR SUy[LPR Ki R ³RXYL GL]HU´ SURYD GH FRPR DV QDUUDWLYDV DLQGDHFRDPQDUHJLmRHHP
VHXV DUUHGRUHV 2 UHFHLR SDUWH GD SHUGD GHVVHV WUDoRVWmRVLJQLILFDWLYRVSDUDDFRQVWLWXLomRGH

XPD PHPyULD VRFLDO H DIHWLYD VREUH R RFRUULGR e XP PHGR GH TXH DV DODV YD]LDV HQWUH
DTXHOHV PXURV SHUFDP VHX VHQWLGR H YROWHP D WHU SHVVRDV HP WmR PtVHUDFRQGLomR2QGHVHXV
FRUSRV UHWRUQDULDP D VHU XWLOL]DGRV FRPR REMHWRV GHVFDUWiYHLV H PRHGD e R UHFHLR GR
DSDJDPHQWR GD PHPyULD H GH XPD UD]mR TXH EXVFD FDPLQKRV RXWURV DR FiUFHUH H D
UHRFRUUrQFLD GD WUDJpGLD ( SRU FRQVHTXrQFLD TXH R WUDXPD VH GLOXD OHQWDPHQWH H GH JRWD D
JRWDDYLROrQFLDVREUHRVFRUSRVVHWRUQHQRYDPHQWHQRUPD
'HVVD LQVSLUDomR GD LQTXLHWXGH H GR UHFHLR VXUJH R LQWHUHVVH SHOD DWXDO SHVTXLVD TXH
SDVVRXSRUFRQWtQXDVWUDQVIRUPDo}HVGHVGHRVHXSURMHWR2LQWXLWRRULJLQDOEXVFDYDLQYHVWLJDU
RSLQL}HV H OHLWXUDV D IDYRU GD PDQLFRPLDOL]DomR HP DQRV GH UHIRUPD SVLTXLiWULFD H OXWD
DQWLPDQLFRPLDO 1mR SDUD DGRWDU R SHQVDPHQWR PDV SDUD HQWHQGHU D HVVrQFLD GR FRQWUROH
VREUH R FRUSR DWUDYpV GR VDEHU ELROyJLFR H FXOWXUDO (VVD OLQKD IRL GHL[DGD GH ODGR QRV DQRV
LQLFLDLV GD SHVTXLVD SHOD VLPSOHV GLILFXOGDGH HP HQFRQWUDU D VXD UDFLRQDOL]DomR GHQWUR GDV
FLrQFLDV KXPDQDV 3RVWHULRUPHQWH HOD IRL HQFRQWUDGD H LQFRUSRUDGD j DWXDO GLVVHUWDomR QRV
PRPHQWRV TXH D FRQYrP 1mR REVWDQWH WRUQRXVH SHUFHSWtYHO DR ORQJR GD SHVTXLVD TXH R
SRQWR SUREOHPiWLFR QmR p D H[LVWrQFLD GH WHRULDV SUy PDQLFRPLDLV $QWHV PHVPR GR
PDQLF{PLR H[LVWLU Ki XP GHVWLQR H XPD FRQFHSomR GR ORXFR &RP R GHVHQYROYLPHQWR
LQGXVWULDO H R DGYHQWR GD VRFLRORJLD QDV VRFLHGDGHV RFLGHQWDLV D ORXFXUD RFXSD XPD SRVLomR
SURJUHVVLYDPHQWH GHWHUPLQLVWD H UHVWULWLYDPHQWH ORFDOL]DGD GHQWUR GR HVSDoR VRFLDO (VVH
PRYLPHQWR p DFRPSDQKDGRjIRUPDomRGHWHRULDVSUySULDVGRFDPSRVRFLROyJLFRDVVLPFRPR
WHRULDV DWXDOPHQWH UHVSHLWDGDV H DERUGDGDV VRFLRORJLFDPHQWH 2 SUREOHPD SRUWDQWR VH
À
AH=PKO A IAIjNE= =Q@EKREOQ=H BKN=I =?QIQH=@KO @AO@A K BA?D=IAJPK KBE?E=H @K KOLEP=H KHkJE= @A
=N>=?AJ= AI ¼ÄÄÀ I ?KJFQJPK @AOOAO BKN=I KNC=JEV=@KO JK BKNI=PK @K @K?QIAJPXNEK KHK?=QOPK
N=OEHAENK AI MQA NAH=^lAO AJPNA K KOLEP=H A =N>=?AJ= BKN=I PA?E@=O LAH= RKV @A OAQO AT BQJ?EKJXNEKO
IKN=@KNAOAAOPQ@EKOKO
Á
KO @E=O =PQ=EO QI= @=O =JPEC=O =H=O @K KOLEP=H KHkJE= BKE ?KJRANPE@= JK QOAQ @= KQ?QN= QI
@AOPEJK @ECJK A OECJEBE?=PERK L=N= = ?KJOPEPQE^ZK ?KJPdJQ= @= IAIjNE= OK?E=HOK>NAK@AOPEJKMQA@APARAK
AOL=^KOK>NA=RE@=@AIEHD=NAO@ALAOOK=OA=O@AOQ=OB=IdHE=O

¼À
HQFRQWUD QDV SUySULDV IRUPDV SHODV TXDLV D UDFLRQDOLGDGH FRPSUHHQGH D ORXFXUD ,VWRpFRPR
GHWHUPLQDGDVWHRULDVVRFLDLVYLVXDOL]DUDPRFRUSRHDSUHVHQoDGRORXFRHPVHXPHLR
'HPRV SUHIHUrQFLD D XP UHFRUWH WHPSRUDODEUDQJHQWHDWUrVWHRULDVDFHUFDGRORXFRHD
ORXFXUD TXH VXEVLVWLVVHP LVRODGDPHQWH PDV VLPXOWDQHDPHQWHSXGHVVHPVHUVREUHSRVWDVXPDV
jV RXWUDV SHOR SDVVDU GR WHPSR KLVWyULFR (QWUH H LVVR DFRQWHFH SHOD VXSHUSRVLomR
GDV REUDV GH 7DOFRWW 3DUVRQV VRFLyORJR HVWUXWXUDO IXQFLRQDOLVWD HVWDGR XQLGHQVH H
HVVHQFLDOPHQWH PDFUR WHyULFR (UYLQJ *RIIPDQ VRFLyORJR LQWHUDFLRQLVWD VLPEyOLFR HVWDGR
XQLGHQVH GH rQIDVH PLFURVVRFLROyJLFD H 0LFKHO )RXFDXOW FXMD SURGXomR DFDGrPLFD VH
HVSDUUDPD HQWUH iUHDV DEUDQJHQWHV GDV FLrQFLDV KXPDQDV PDV VXDV WHRULDV DTXL XWLOL]DGDV

GLDORJDPFHQWUDOPHQWHFRPDQRomRDPSODGHFRQKHFLPHQWRHSRGHUQRUPDWLYR
&HUWDV REUDV GH FDGD XP GHVVHV DXWRUHV IRUDP HVFROKLGDV FRP HVVH SURSyVLWR HP
PHQWH FRPSUHHQGHU XPD UHODomR HQWUH QRUPD H ORXFXUD 3HOR HVFRSR GHVWD GLVVHUWDomR IRL
VHOHFLRQDGD SUHIHUHQFLDOPHQWH XPD REUD GH FDGD DXWRU TXH H[SUHVVD XPD UHODomR DR WHPD
SURSRVWR H DXPFDPSRGHGLVFXVVmRPDLVDPSOR(PDOJXPDVFRPR26LVWHPD6RFLDO
GH 7DOFRWW 3DUVRQV D UHODomR QmR p FODUD D SULQFtSLR PDV HVWi DVVRFLDGD D XP GHEDWH VREUH
HVWUXWXUDO IXQFLRQDOLVPR H GRHQoD PHQWDO WDQJHQWH D SHQVDGRUHV H FUtWLFRV GHVVH YHLRWHyULFR
e QHVVD WHRULD RQGH D QRUPD H D QRUPDOLGDGH HVWmR PDLV LQWHJUDOPHQWH GHILQLGRV HP TXH RV
GRHQWHVHRVGHVYLDQWHVSRVVXHPHVSDoRVHOXJDUHVGHWHUPLQDGRVWHQGRVLGRVHTXHUHVFROKLGR
SRU HVWHV (P RXWUDV FRPR Q¶$ +LVWyULD GD /RXFXUD H Q¶2V $QRUPDLV GH
0LFKHO )RXFDXOW D WUDMHWyULD GR WUDWDPHQWR H GD SHUFHSomR GR ORXFR SHUPHLD DPEDV DV REUDV
GH LQtFLR DR ILP SHUPLWLQGR XPD FRQH[mR FODUD FRP GLVWLQWDV iUHDV GD FLrQFLD RQGH R
SHQVDGRU p WUDEDOKDGR (QWUH DPERV R (VWLJPD E GH (UYLQJ JRIIPDQGLDORJDFRPXPD
VRFLRORJLD FUtWLFD D 7DOFRWW 3DUVRQV HQTXDQWR DLQGD R PHQFLRQD H KRPHQDJHLD PDV QmR
SRVVXLDSURIXQGLGDGHHSLVWHPROyJLFDGH0LFKHO)RXFDXOWH*HRUJHV&DQJXLOKHP
$ IRUPD GR SUHVHQWH WH[WR p HQWUDU QD OyJLFD GR SHQVDPHQWRGHVHXVDXWRUHV±FULDURV
VHXV DUJXPHQWRV SRU GHQWUR ± SDUD HQWmR UHODFLRQiORV (QWUDPRV QD GHILQLomR GH VHXV
SUySULRV VLVWHPDV H GH VHXV HORV FRQFHLWXDLV SUHYLDPHQWH j HYLGrQFLD GDV ODFXQDV 3DUD D
Â
=@= QI @AOOAOPAjNE?KOP=JCAQI?KJFQJPK@A=JKO@AOOANA?KNPAAEJPANLNAP=^lAOBKN=ILNK@QVE@=OAI
>=ET= KQ H=NC= AO?=H= OK>NAMQ=EOMQAN@Q=HE@=@AAJPNAAHAO=HCQI=O@AH=OOKIAJPAAOP=R=IAOMQA?E@=ODX
=HCQI PAILK = IAOI= BKNI= ?=@= QI @AOPAO ?AJPN=HEV= QI= @EO?QOOZK PAjNE?= OK>NA JKNI=PERE@=@A A
HKQ?QN===CNAC=N=HE=@KOA?NdPE?KO

¼Á
SDUWLU GD HVWUXWXUDomR GH XPD ORXFXUD VHMD YLVWD XPDRUJDQL]DomRSRVLWLYDHFRRUGHQDGDVREUH

R GRHQWH PHQWDO (VVD GHWHUPLQDomR p HYLGHQWH QR SULPHLUR FDStWXOR $ /RXFXUD HQWUH D
'RHQoD H R 'HVYLR SRLVDSRVLomRGDORXFXUDpGHULYDWLYDGDHVWUXWXUDQRUPDWLYD6REDpJLGH
GD QRUPD RV FRPSRUWDPHQWRV FRQWUiULRV j FRQGXWD FXOWXUDO VmR FDWHJRUL]DGRV FRPR GHVYLR
'HVVH GHVYLR SRGHP VHU DVVRFLDGRV D PRUELGH] GR FULPH RX D LQFRQVFLrQFLD GD GRHQoD ¬
ORXFXUD FDEH XP FHUWR OLPER TXH 7DOFRWW 3DUVRQV WHYH DSDUHQWH IDFLOLGDGH HP DVVRFLDU PDV
FXMDFRQVWUXomRGLILFXOWRXDFRPSUHHQVmRGHXPVLVWHPDSRVLWLYR
$QRUPDHRVHXDYHVVR±RGHVYLR±MiIRUDPVREHUDQRVHKHJHP{QLFRVQDDERUGDJHP
VRFLROyJLFD ±GHVWDTXHPRVFRQYHQLHQWHPHQWHDVRFLRORJLDQRUWHDPHULFDQD1mRGLVSXWDPRVD
FUtWLFD D XPD ELEOLRJUDILD DPSODPHQWH GHEDWLGD SRUpP FRQVLGHUHPRV XPD UHVVDOYD 8P
GHEDWH FRQVROLGDGR QmR LQYLDELOL]D D EXVFD FLHQWtILFD SRU GHPDLV HQWUDGDV DGHPDLV TXDQGR R
UHDUUDQMR WHyULFR LQFHQWLYD DUHFRORFDomRGHXPDQRYDWHPiWLFDQRFDPSRVRFLROyJLFR$VVLP
WUD]HPRVDORXFXUDSDUDDVRFLRORJLDLQFRUSRUDQGRD
2 GHFOtQLR GD WHRULD HVWUXWXUDO IXQFLRQDOLVWD SDUVRQLDQD p DFRPSDQKDGD SHOD
YDORUL]DomR GD REUD GH (UYLQJ *RIIPDQ 1mR QHFHVVDULDPHQWH SHOD PXGDQoD QR SDUDGLJPD
WHyULFR SRLV D EDVH WHyULFD HQWUH DPERV p VLPLODU RV PHVPRV FRQFHLWRV HSHQVDGRUHVP~WXRV
VmR WUDoDGRV HQWUH DPERV RV DXWRUHV 0DV SHOD IRUPD FRPR DOJXQVVRFLyORJRVGHVGHDGpFDGD
GH DYDOLDP D WUDQVLomR SDUD XP LQWHUDFLRQLVPR VLPEyOLFR QD PHWRGRORJLD GH HVWXGRV
VREUH D GRHQoD PHQWDO *RIIPDQ UHDOL]RX XP DPSOR FRQMXQWR GH HVWXGRV QmR Vy VREUH D
GRHQoD PHQWDO PDV VREUH JUXSRV VRFLDLV TXH IRUDP HVTXHFLGRV GXUDQWH DERUGDJHQV
WUDGLFLRQDLV HP UHODomR DR VDEHU 3DUVRQV p XP H[HPSOR SDUWLFXODU GHVVH WLSR GH DERUGDJHP
WHQGR HP YLVWD D SRVLomR RFXSDGD SHOR ORXFR HP VXD WHRULD VLVWrPLFD FRQIRUPH YHUHPRV
DGLDQWH
3RUWDQWR RVHJXQGRFDStWXOR3RUXPDUHVSRVWDLQWHUDFLRQLVWDDR/XJDUGD,QVDQLGDGH
GLDORJD FRP D LQWHUSUHWDomR GH XPD ELEOLRJUDILD DQWHULRU HQTXDQWR EXVFD GHVHQYROYHU XP
SHQVDPHQWR FHQWUDGR HP DVSHFWRV UHODWLYRV DRV DXVHQWHV HP 3DUVRQV ÈUHDV GH GLItFLO
FRPSUHHQVmR GD WHRULD SDUVRQLDQD H FRPXPHQWH DVVRFLDGDV DR FRQWUROH VRFLDO FRPR
LQWHJUDomR H D DGDSWDomR GR ORXFR VmR H[SORUDGDV H[WHQVLYDPHQWH -XQWR D HVVD SHUFHSomR p
HQFDPLQKDGD D FUtWLFD JRIIPDQLDQD j SUySULD FRPSUHHQVmR GD GRHQoD PHQWDO QmR SHOD
GHPROLomRGDPHGLFLQDRXSDUDQHJDUDORXFXUDPDVSDUDVHUSRVVtYHOYHURORXFR

¼Â
$ GHVFRQVWUXomR HSLVWHPROyJLFD GR VDEHU PpGLFR TXH FDWHJRUL]D H QLYHOD D ORXFXUD

SRU VXD YH] HVWi SUHVHQWH QD ILORVRILD GH *HRUJHV &DQJXLOKHP H 0LFKHO )RXFDXOW 2 HVWXGR
VREUH R HVWDGR GD VD~GH H R HVWDGR GD GRHQoD FRPR SDUWHV tQWHJUDV GH XPD +LVWyULD GD 9LGD
GHVOXPEUD D UDt] GH XPD QRUPDOLGDGH RQGH R SDWROyJLFR WHQGH D VHU LVRODGR 1HVVH WHUFHLUR
FDStWXOR LQWLWXODGR /RXFXUD H DQRUPDOLGDGH HP )RXFDXOW UHWRUQDPRV FRP 7DOFRWW 3DUVRQVH
(UYLQJ*RIIPDQSDUDWHFHUXPDGLIHUHQFLDomRGRORXFRHPFRQMXQWRj)RXFDXOW
&RQWLJXDPHQWH HVVHV DXWRUHV SRVVXHP DQiOLVHV GLVWLQWDV VREUH D SUHVHQoD GD
QRUPDWLYLGDGH PDV WRGRV VH HQFRQWUDP QD ORXFXUD ,VVR p SHUFHSWtYHO HP UHODomR j REUD
IRXFDXOWLDQD PDV WDPEpP HQWUH 3DUVRQV H *RIIPDQ SRU GLYHUJrQFLDV HP UHODomR j DQiOLVH
PHWRGROyJLFD 0HVPR DVVLP DWUDYpV GHVVHV ~OWLPRV Vy p SRVVtYHO LU WmR ORQJH +i XP OLPLWH
SDUD DOFDQoDU D ORXFXUD DWUDYpV GD VRFLRORJLD H HOH VHUi YLVOXPEUDGR SRU YDULDGDV YH]HV QDV
REUDV GRV VRFLyORJRV HVERoDGRV 3RU HVVH FDPLQKRpLQYLiYHOUHDOL]DUXPHVWXGRHVWULWDPHQWH
FRPSDUDWLYR HQWUH HVVHV DXWRUHV TXH HVWHMD QR PHVPR SDWDPDU $V RULJHQV HSLVWHPROyJLFDV
VmR GLVWLQWDVID]HQGRFRPTXHDFRPSUHHQVmRGDQRUPDWDPEpPVHMDGLVWLQWLYD2FDPLQKRVH
WRUQRX HQFRQWUDU HOHPHQWRV GLVFXUVLYRV VLPLODUHV SDUD HQWmR HUJXHU XPD FRPSUHHQVmR GD
ORXFXUD TXH IRVVH DPSODPHQWH FRPSDUiYHO H FRPSOHPHQWDUeSRULVVRTXHDQRUPDVHIH]WmR
UHOHYDQWH H WmR SUHVHQWH GHQWUR GR HVWXGR H[SRVWR 3RLV HOD p XPD UHFRUUrQFLD QR HVWXGR GDV
VRFLHGDGHVHHPHVSHFLDOQDGLIHUHQFLDomRVREUHRORXFR
8P FRQMXQWR GHWHPiWLFDVSRGHVHUPRYLGRSHODUHODomRHQWUHDQRUPDHDORXFXUD(OD
p VLPXOWDQHDPHQWH XP DVSHFWR GH GLIHUHQFLDomR H RUJDQL]DomR VRFLHWiULD 1Ro}HV SUy[LPDV j
VROLGDULHGDGH H j SDUWLFLSDomR GRV LQGLYtGXRV HP VRFLHGDGH IRUDP XP FDPLQKR SHUFRUULGR
SDUD GHVYHQGDU D ORXFXUD GHQWUR GR HVWUXWXUDO IXQFLRQDOLVPR GR TXDO IRUDP GHULYDGRV R
GHVYLR D LQWHJUDomR D DGDSWDomR H R FRQWUROH VRFLDO SRU H[HPSOR $ DSOLFDELOLGDGH GHVVDV
QRo}HV HVWmR SUHVHQWHV QDV WHRULDV HVWXGDGDV ± HP PHQRU RX PDLRU PHGLGD 1mR
QHFHVVDULDPHQWH HODV DGRWDP R PHVPR QRPH H EDVH HSLVWHPROyJLFD PDV UHPHWHP D XPD
QRUPDWLYLGDGH RULHQWDGRUD VREUH SDGU}HV H FRQGXWDV $ HVVD PDQHLUD DEVRUYHPRV D
FRPSUHHQVmRH[SRVWDSRU*HRUJHV&DQJXLOKHPHP21RUPDOHR3DWROyJLFR
(PILORVRILDHQWHQGHVHSRUQRUPDWLYRTXDOTXHUMXOJDPHQWRTXHDSUHFLHRXTXDOLILTXH
XP IDWR HP UHODomR D XPDQRUPDPDVHVVDIRUPDGHMXOJDPHQWRHVWiVXERUGLQDGDQR

¼Ã
IXQGR jTXHOH TXH LQVWLWXL DV QRUPDV 1R SOHQR VHQWLGR GDSDODYUDQRUPDWLYRpRTXH

LQVWLWXLDVQRUPDV
%DVHDGR QHVVD DILUPDomR XPD GDV QRVVDV LQGDJDo}HV p SURSULDPHQWH D FRPSUHHQVmR
VRFLDO GHVVHV DXWRUHV SDUD D VXD FRQVWDWDomR WHyULFD HQWUH QRUPD H ORXFXUD3DUDDOJXQVGHOHV
FRPR 0LFKHO )RXFDXOW XP FDPLQKR SRGH VHU SHUFRUULGR SRU PHLR GD FUtWLFD HSLVWHPROyJLFD
2 PHVPR QmR SRGH VHU GLWR VREUH 7DOFRWW 3DUVRQV SRU H[HPSOR 2V OLPLWHVGRVLVWHPDVRFLDO
SDUD D FRQVLGHUDomR GR ORXFR H GD ORXFXUD YLQFXODP VRFLHGDGH H PHGLFLQD 3HOD SHUVSHFWLYD
VRFLHWiULD Ki XP GHVtJQLR LQGLVVRFLiYHO HQWUH GHVYLR H R FRQWUROH GR GHVYLDQWH 3HOD
SHUVSHFWLYD GD PHGLFLQD D SRVLomR GR ORXFR H[LJH WUDWDPHQWR GHVLJQDGR DRV GRHQWHV $
WHQGrQFLD GR VLVWHPD VRFLDO p PDQWHU XPD LQWHUIDFH QD TXDO VHXV SURGXWRV VHMDP SUHYLVtYHLV
5HIOHWH XP GHWHUPLQLVPR VRFLROyJLFR TXH VH VREUHS}H j FRPSOH[LELOLGDGH KLVWyULFD ,VVR
UHSUHVHQWDXPOLPLWHVRFLROyJLFRDRTXDOH[SORUDUHPRVQDVSiJLQDVGHVWDGLVVHUWDomR
'XUDQWH D HVFULWD GHVWH WH[WR KRXYH WDPEpP XP FRQMXQWR GH HVFROKDV DFHUFD GD
HVWUXWXUD GRV FDStWXORV H D IRUPD GH VHXV DUJXPHQWRV +i XPD SUHIHUrQFLD SHOD RUJDQL]DomR
HP WRUQR GRV DUJXPHQWRV FHQWUDLV GH FDGD DXWRU H GH SRVVtYHLV YLQFXODo}HV WHyULFDV TXH
DSURIXQGDP RV VHXV FRQFHLWRV 3HUPLWLQGR DVVLP XP HQFDPLQKDPHQWROyJLFRQRVDUJXPHQWRV
GH FDGD DXWRU H QDV WHPiWLFDV WDQJHQWHV D VXDV REUDV 1mR REVWDQWH HVVDHVFROKDID]FRPTXH
DOJXPDV WHPiWLFDV VHMDP UHYLVLWDGDV HP FDStWXORV GLIHUHQWHV FRPR D QRomR GH GHVYLR R
FRQWUROH VRFLDO H D PDQLFRPLDOL]DomR 2 ORQJR IRUPDWR GH XPD GLVVHUWDomR HDOLEHUGDGHSDUD
D HVFULWD GR WHPD IDYRUHFH XPD RUJDQL]DomR WDQJHQWH D H[SORUDo}HV PDLV SURIXQGDV DOJR
GLItFLO HP DUWLJRV H GRVVLrV RQGH D GHOLPLWDomR GH SiJLQDV H WHPiWLFDV FLUFXQVFUHYHP D
HVFULWD
1RPHV GH GLYHUVRV SHQVDGRUHV VmR QRPHDGRV H WHP VHXV FRQFHLWRV DSURIXQGDGRV QDV
SUy[LPDV SiJLQDV DRV TXDLV DVVRFLDPRV LQWHUSUHWDo}HV H UHODo}HV 3RU YH]HV DV DVVRFLDo}HV
VmR IHLWDV DWUDYpV GD OLWHUDWXUD FRPR D FHQDGH-RmR*XLPDUmHV5RVDUHWUDWDGDQRLQtFLRGHVWH
WH[WR (VVDV FHQDV VH UHSHWHP DR LQtFLR GH FDGD FDStWXOR VHQGR UHQRYDGDV GXUDQWH RV VHXV
GHVHQYROYLPHQWRV HRX FRQFOXV}HV H IRUDP SHQVDGDV FRPR SURSRVLo}HV GLVSDUDGRUDV GDV
GLVFXVV}HV SUHVHQWHV HP FDGD FDStWXOR (ODV UHWUDWDP XP PRGR GH VRIUHU KXPDQR WDQJtYHO
VHQGR XWLOL]DGDV SHOD LQVSLUDomR H UHOHYkQFLD WHPiWLFD TXH WUD]HP 1mR SUHWHQGHPRV UHDOL]DU
Ã
AKNCAO KNI=H A K =PKHjCE?K Á= A@ EK @A =JAENK @EPKN= KNAJOA JERANOEPXNE=
½»»Ä¢¼ÄÁÁ£L¿»

¼Ä
FUtWLFDV OLWHUiULDV RX GLVFXWLU R YDORU KLVWRULRJUiILFR GHODV PDV UHFRQKHFHPRV D SOXUDOLGDGH
DOFDQoiYHOSRUHVVHVHVFULWRV
)LyGRU 'RVWRLpYVNL *DEULHO *DUFtD 0DUTXH] H /LPD %DUUHWR FRUURERUDP GLYHUVDV
FRQVWUXo}HV VRFLDLV SRVVtYHLV VREUH R ORXFR HP FHQiULRV QRV TXDLV HOHPHQWRV VRFLROyJLFRV
SRGHP VHU YLVXDOL]DGRV H WUDoDGRV 2 UHDOLVPR GHVVHV DXWRUHV FRQVWURHP SHUVRQDJHQV HP
VLWXDo}HV YHURVVLPLOKDQWHV jTXHODV SHUFHELGDV QR PXQGR VRFLDO2TXHVWLRQDPHQWRGDSUySULD
VDQLGDGH D DOFXQKD GH FULPLQRVR D GHVFUHQoD QD IDOD R HVWUDQKDPHQWR DRV JHVWRV WRGDV
VLWXDo}HV UHFRUUHQWHV QD SHUFHSomR VREUH R RXWUR 6LPXOWDQHDPHQWH HOHV LQVHUHP HVVHV
SHUVRQDJHQVHPFDUDFWHUL]Do}HVSUy[LPDVjVSUySULDVWHRULDVHDKLVWyULD
&ULPLQRVRVSURVWLWXWDVQHJURVUHEHOGHVDOFRyODWUDVGURJDGRVEDVWDUGRVHQWUHRXWURV
QRPHV UHFHEHUDP±GRHQWHVRXQmR±DDOFXQKDGHDQRUPDLVGHORXFRV'H7DOFRWW3DUVRQVD
(UYLQJ *RIIPDQ H0LFKHO)RXFDXOWKiXPDWUDQVLFLRQDOLGDGHQRWUDWDPHQWR2ORXFRSRGHVHU
R GRHQWH PHQWDO HP 3DUVRQV RX D DQRUPDOLGDGH DEUDQJHQWH GHWHUPLQDGD SHOR VDEHU PpGLFR
FRPR HP )RXFDXOW 3DUD *RIIPDQ HOD SRGH VHU DPEtJXD ± WHQGHQGR j LPSUHFLVmR FRQFHLWXDO
±FRPRSRGHVHUHOHRSRUWDGRUGHXPFDRVVRFLHWiULRSDUWLFXODU
$ ORXFXUD GHL[RX D PDUFD GH XPD H[SHULrQFLD VRFLDO WUiJLFD GXUDQWH D+LVWyULD$VXD
SRVLomR IRL WUDQVLWyULD VHQGR DWXDOPHQWH UHOHJDGD DR FRQWUROHSDXWDGRQDUD]mR&RPRDILUPD
)RXFDXOWQ $+LVWyULDGD/RXFXUD
$ ORXFXUD QR GHYLU GH VXD UHDOLGDGH KLVWyULFD WRUQDSRVVtYHOHPGDGRPRPHQWRXP
FRQKHFLPHQWR GD DOLHQDomR QXP HVWLOR GH SRVLWLYLGDGH TXH D GHOLPLWD FRPR GRHQoD
PHQWDO PDV QmR p HVWH FRQKHFLPHQWR TXHIRUPDDYHUGDGHGHVWDKLVWyULDDQLPDQGRD
GHVGHVXDRULJHP

(P PRPHQWR DOJXP SURSRPRV D LQH[LVWrQFLD GD SVLFRSDWRORJLD RX HQGRVVDPRV

TXDOTXHU DUJXPHQWR QLLOLVWD D SURFODPDU XPD FRQVSLUDomR SDUD LQYHQWDU DOJR D DOWHUDU D
SHUFHSomR VRFLDO VREUH R UHDO 2V GLVW~UELRV PHQWDLV H[LVWHP (OHV H[LVWHP DR ORQJR GD
KLVWyULD GD KXPDQLGDGH VHMD SRU HVVH QRPH RX SRU RXWUD IRUPD GH FRPSUHHQVmR H DEVWUDomR
DOJXPDV GDV TXDLV DERUGDUHPRV DR ORQJR GRVWUrVFDStWXORV'DPHVPDIRUPDDVXDWUDMHWyULD
HP QRVVD VRFLHGDGH p UHODFLRQiYHO DR SURJUHVVR FLHQWtILFR H D FRPSDUWLPHQWDOL]DomR GDV
LQVWLWXLo}HV FRP R DGYHQWR GD PRGHUQLGDGH 'XUDQWH GLYHUVRV PRPHQWRV D GHVFRQVWUXomR
Ä
E?DAH EOPjNE=@=KQ?QN=J= @=@AHXOOE?=ZK=QHK@EPKN=ANOLA?PER=¼ÄÂÃ¢¼ÄÁ¼£L
½»

½»
VRFLDO H R PRGR GH RSHUDomR VREUH RV ORXFRV VHUmR DERUGDGRV H DQDOLVDGRV1RVVRLQWHUHVVHp
SHOD IRUPDomR VRFLDO GD FRPSUHHQVmR GD ORXFXUD DWUDYpV GD QRUPD 3RU HVVH SURFHVVR
FRPSOH[R QR TXDO R GLIHUHQWH VH WRUQD H D VXD QDWXUH]DpREVHUYDGDHQXQFLDGDHDORFDGD3RU
PHLR GD FRPSUHHQVmR GH QRUPDOLGDGH D FRQILJXUDomR VRFLDO GHVLJQD HVSDoRV H UHVSRVWDV DR
ORXFR WRUQDQGRR SHoDFHQWUDOSDUDRHVWXGRVRFLDORXSHoDPDODMXVWDGDHLQVROXFLRQiYHOSDUD
JUDQGHVSRVWXODGRVWHyULFRV
$GHPDLV WHULD VLGR PDLV GLItFLO SDUD HVWD GLVVHUWDomR DWLQJLU D VXD FRQFOXVmR VHP D
OHLWXUD GDV WHVHV FRQFOXtGDV DQWHULRUPHQWH 2V WUDEDOKRV GH /XFL 5LEHLUR (OWRQ &RUEDQH]L
0DULDQD &{UWHV H 7DQLHOH 5XL GHIHQGLGRV QHVWD PHVPD XQLYHUVLGDGH LQVSLUDUDP R FDPLQKR

WULOKDGR 3HVTXLVDU R RXWUR TXDQGR HOH p R HVWUDQKR R GHPRQL]DGR LUUDFLRQDO H DEMHWR
VLJQLILFD DGHQWUDU XPD FDWHJRULD SDUWLFXODU GH LPHUVmR H FUtWLFD +i XP VXEVWUDWR QHVVDV
GLVVHUWDo}HV TXH WDPEpP IRL DOPHMDGR DTXL $ FRQVWLWXLomR GR RXWUR p UHSOHWD GH DVSHFWRV
QHJDWLYRV DVVRFLDGRV j H[FOXVmR H RULJLQiULRV GH SURFHVVRV FRQVWLWXWLYRV GD LGHQWLGDGH GD
LQGLYLGXDOL]DomRHPRGHUQL]DomRVRFLDLV

¼»
Q?E E>AENK N=FAPjNE= @K OPN=JDK LAN?AL^ZK A ?KILNAAJOZK @K AOPN=JDK J= PAKNE= OK?E=H
?KJPAILKNYJA= ½»»¾ ¼Ã» B AOA NKCN=I= @A jO N=@Q=^ZK AI K?EKHKCE= JOPEPQPK @A EHKOKBE= A
EaJ?E=O QI=J=O JERANOE@=@A OP=@Q=H @A =ILEJ=O =ILEJ=O BARANAENK @A ½»»¾ HPKJ
K>NA = N=VZK @K AOIK MQA AJQJ?E= = JZKN=VZK @K QPNK WO RKHP=O ?KI = EOPjNE= @= KQ?QN= A
HEAJEOP= ½»»Ä ½¾Á B EOOANP=^ZK NKCN=I= @A jO N=@Q=^ZK AI K?EKHKCE= JOPEPQPK @A EHKOKBE= A
EaJ?E=O QI=J=O JERANOE@=@A OP=@Q=H @A =ILEJ=O =ILEJ=O JKRAI>NK @A½»»Ä2=NE=J=
E=>K A HQKTAPEJ= BKNI=O @A CAOPZK @= @EBANAJ^= ½»¼½ ¾Ã¿ B AOA NKCN=I= @A jO N=@Q=^ZK AI
EaJ?E=O K?E=EO JOPEPQPK @A EHKOKBE=AEaJ?E=O QI=J=OJERANOE@=@AOP=@Q=H@A=ILEJ=O=ILEJ=O
F=JAENK @A ½»¼½ =JEAHA KNLKO >FAPKO APJKCN=BE= AI ?AJXNEKO @A QOK A ?KI`N?EK @A ?N=?G ½»¼½
¾ÀÀ B AOA NKCN=I= @A jO N=@Q=^ZK AI JPNKLKHKCE= K?E=H JOPEPQPK @A EHKOKBE= A EaJ?E=O
QI=J=OJERANOE@=@AOP=@Q=H@A=ILEJ=O=ILEJ=OI=EK@A½»¼½

½¼
&DStWXOR,
$/RXFXUDHQWUHD'RHQoDHR'HVYLR

³>«@ 8P SRQWR VREUH TXH WLQKD G~YLGD HUD VH D GRHQoD
GHWHUPLQDYD R FULPH RX VH R SUySULR FULPH HP YLUWXGH GD VXD
QDWXUH]D QmR VHULD VHPSUH DFRPSDQKDGR GH DOJXP IHQ{PHQR

PyUELGR´±'2672,e96.,)LyGRU&ULPHH&DVWLJR

, &RQWH[WR
(P &ULPH H &DVWLJR VHJXLPRV D WUDMHWyULD GR GHVYLR GH XP LQGLYtGXR GHVGH D
FRQFHSomR GR FULPH j VXD UHDOL]DomR GR TXHVWLRQDPHQWR GD VXD QDWXUH]D j UD]mR GH VXD
SXQLomR 1R URPDQFH GH )LyGRU 'RVWRLpYVNL VRPRV LQVHULGRV QD PHQWH H QDV Do}HV GH XP
MRYHP HVWXGDQWH FXMDV HVFROKDV H REMHWLYRV R OHYDP DR FULPH H EUHYHPHQWH j DVVRFLDomR
HQWUHRFULPHHDGRHQoD(VVDVGXDVFDUDFWHUtVWLFDVVmRFDUDVDRHVWXGRSURSRVWRQHVWDVOLQKDV
RGHVYLRRXFULPHHDGRHQoD
(P SOHQR PRYLPHQWR HGHVHQYROYLPHQWRLQGXVWULDO±HVSHFLDOPHQWHUDFLRQDOFLHQWtILFR
± R FHQiULR GH &ULPH H &DVWLJR PRVWUD XP RXWUR ODGR SDUD D SURJUHVVLVWD FLGDGH GH 6mR
3HWHUVEXUJR 2V EDUHV DV GtYLGDV DV FULVHV IDPLOLDUHV H D EXVFD SRU XPD VROXomR jV VXDV
QHFHVVLGDGHV SRYRDP D PHQWH GH VHXV SHUVRQDJHQV 2 DSDUHQWH LQWHOHFWR IRUWH H UD]RiYHO GH
VXD SHUVRQDJHP FRQGL]HQWH FRP D PHQWDOLGDGH H[LVWHQFLDOLVWD H SURJUHVVR XUEDQR GHWHULRUD
VXEVHTXHQWHPHQWHDRVHQFRQWURVFRPRGHVYLRHDRUGHP
$SUR[LPHPRVQRV PRPHQWDQHDPHQWH GDILJXUDGH5RGLRQ5RPkQRYLWFK5DVNyOQLNRY
XP HVWXGDQWH GH 'LUHLWR FXMRV DWRV GH KRPLFtGLR R OHYDP D XPD HVSLUDO GH FRQWtQXD
UHDILUPDomR GD SUySULD ILGHOLGDGH SVLFROyJLFD 'HVDPSDUDGR ILQDQFHLUDPHQWH SHOD IDPtOLD
VHP IXQGRV 5DVNyOQLNRY SURFXUD DWLQJLU VHXV REMHWLYRV SRU IRUPDV PRUDOPHQWH VyUGLGDV
&RP JROSHV GH PDFKDGR HOH DVVDVVLQD XPD VHQKRUD TXH FXPSULD R RItFLR GH DJLRWD WHQGR
'2672,e96., )LyGRU &ULPH H &DVWLJR 7UDG 6$1726 $ $XJXVWR GRV /LVERD %RRN +RXVH S

½½
SHQKRUDGR DOJXQV GH VHXV EHQV SHVVRDLV FRPR JDUDQWLD GRV HPSUpVWLPRV DR MRYHP $Wp D
H[HFXomR GH VHXV FULPHV 5DVNyOQLNRY HUJXH SULQFtSLRV H SURJQyVWLFRV SDUD D VXD VDQLGDGH
PHQWDO ± XWLOL]DQGRVH GH XPD OyJLFD H[LVWHQFLDOLVWD SDUD TXHVWLRQDU DSUR[LPDo}HV H
GLVWDQFLDPHQWRV HQWUH D GRHQoD H R FULPH 2 TXHVWLRQDPHQWR OHYDQWDGR HP UHIUmR D &HVDUH

/RPEURVR DOXGH j FDUDFWHUtVWLFDV LQHUHQWHV DRV LQGLYtGXRV TXH DPHDoDULDP D QRomR GH
VRFLHGDGH SUHVHQWH 9LVOXPEUDPRV D QRUPD FRPR DOJR VRFLDO H FXOWXUDO LQWHULRUL]DGR QR
LQGLYtGXR HQTXDQWR R FULPH p FRQIXQGLGR HQWUH GHOLQTXrQFLD H GHOLWR 'HVYLUWXHPRV WDO
WHPiWLFD SDUD DEULU D QRVVD SUREOHPiWLFD LQLFLDO VH QmR p HQTXDQWR FULPH TXDO p R HVSDoR
VRFLDOGDORXFXUD"
5DVNyOQLNRY MRYHP HVWXGDQWH ± GHVHVSHUDGR H HQGLYLGDGR ± UHSUHVHQWDYDHPRV
DQVHLRV GH XP LQGLYtGXR FRQWUDSRVWR HQWUH D QRUPD H R GHVYLR 3HOD FULDWLYLGDGH GH VHX
YHQWUtORTXR DFRPSDQKDPRV UXHODV H EHFRV GH XP KRPHP D TXHVWLRQDU VXD SUySULD VDQLGDGH
DR YLVOXPEUDU R VHX FULPH HQTXDQWR XP MXOJDPHQWR ORPEURVLDQR 1R PHLRILR GD ORXFXUD
5DVNyOQLNRY VH TXHVWLRQD VREUH D DXWHQWLFLGDGH GH VHXV DWRV $R ID]rORHUJXHPVHYDORUHVH
MXOJDPHQWRV FULPLQRVRV PyUELGRV WDLV FRPR HOH VDtUDP LOHVRV DSyV WHUHP SUHPHGLWDGR
FULPHVPDLRUHVHPDLVSDYRURVRVTXHHVWHV
$ I~ULD GR SHUVRQDJHP GH )LyGRU 'RVWRLpYVNL p UHSUHVHQWDWLYD GRV GHVHMRV H DJRQLDV
GHVWH LQGLYtGXRHPPHLRDRFRQYtYLRVRFLDO(QWHQGHUVHXVSUREOHPDVHQTXDQWRGHULYDWLYRVGR
PHLR VRFLDO QRV VXJHUHP D SURSRVLomR GHVWH FDStWXOR $FRPSDQKDU D QDUUDWLYD SHORV
SHQVDPHQWRV GR SHUVRQDJHP QRV SHUPLWH WRPDU FRQVFLrQFLD GD VXD SHUFHSomRVREUHDVUHJUDV
VRFLDLV H RV YDORUHV LQWHUQRV 0DLV LPSRUWDQWH QRVOHYDDSHQVDUVREUHDUXSWXUDGHVVDVUHJUDV
H D VXEYHUVmR GH VHXV YDORUHV WHQGR HP PHQWH D LPDJHP IRUPDGD VREUH XPD RUGHP FRPXP
1mR REVWDQWH D FRJLWDomR DFHUFD GD GRHQoD VH ID] IXQGDPHQWDO 'RHQoD UHPHWH D XP IDWRU
LQWULQVHFDPHQWH DVVRFLDGR DRV FULPLQRVRV H DRV ORXFRV ± DTXHOHV SHUSHWUDGRUHV GH DWRV VHP
FRQVFLrQFLDGHVWHV
3RU ORXFR DOFXQKD XWLOL]DGD UHFRUUHQWHPHQWH DR ORQJR GHVWD GLVVHUWDomR
FRPSUHHQGHPRV XP FRQMXQWR GH HOHPHQWRV 5HIHUHQWH j OLWHUDWXUD GH 7DOFRWW 3DUVRQV
GRPLQDQWH QR SUHVHQWH FDStWXOR R ORXFR pRGRHQWHPHQWDO8PLQGLYtGXRLQVHULGRQRVLVWHPD
¼½
AO=NA KI>NKOK BKE QI LOEMQE=PN= A ?NEIEJKHKCEOP= EP=HE=JK RERK @QN=JPA K O`?QHK B=IKOK LKN
@EBQJ@EN =PAKNE=@K?NEIEJKOKJ=PK J@ERd@QKOJ=O?ANE=I?KICAJAOMQAKOPKNJ=ILNA@EOLKOPKO=K?NEIA
A W REKHaJ?E= JPNA OQ=O K>N=O LQ>HE?=@=O OA AJ?KJPN=I aJEK A KQ?QN= ¼ÃÂ¿¡ KIAI AHEJMQAJPA
¼ÃÂÁ¡AQHDANAHEJMQAJPA=NKOPEPQP=A=QHDANKNI=H ¼ÃÄ¾¡

½¾
VRFLDO FXMD UHVSRQVDELOLGDGH SRU WUDWDPHQWRUHFDLVREUHXPDLQVWLWXLomRDPHGLFLQDLQVHULGD

HP XPD RUJDQL]DomR EXURFUiWLFD H KRVSLWDODU 3RU HVWDU GRHQWH R ORXFR Mi p FRQVLGHUDGR XP
GHVYLDQWH DOJXpP HP QmR FRQIRUPLGDGH DR IXQFLRQDPHQWRGDVRFLHGDGHDLQGDTXHLQWHJUDGR
D HVVD $ IRUPD GH DGHTXDomR GHVVH GHVYLDQWH H GRHQWH SDUD VXD UHLQWHJUDomR p GHQRPLQDGD
FRQWUROH VRFLDO &RQWUROHVRFLDOTXHpGHSHQGHQWHGHXPDJRPDGRVLVWHPDVRFLDOUHFRQKHFLGD
QD QRUPD e DWUDYpV GR FRPSRUWDPHQWR QRUPDWLYR TXH RV LQGLYtGXRV ORXFRV RX VmRV VmR
PHQVXUDGRV H PHQVXUDP D VL PHVPRV LQWHJUDQGR D VXD SHUFHSomR VREUH VXDV Do}HV H RV
REMHWLYRVDOPHMDGRVQDVRFLHGDGH
&DEH D QyV XWLOL]DU GH XPD OLWHUDWXUD VRFLROyJLFD SDUD H[SORUDU XPD YLVmR DFHUFD GD
ORXFXUD H GD QRUPD ( SURSRU QRYD LQWHUSUHWDomR DFHUFD GD WHPiWLFD Mi EDVWDQWH H[SORUDGDQR
FDPSR GD PHGLFLQD 3RVWR LVVR YHUHPRV R TXH Mi IRL FRQVWUXtGR SRUDOJXQVVRFLyORJRVSRXFR
YLVLWDGRV QR DWXDO FHQiULR DFDGrPLFR H SRU FDPLQKRV FRQFHLWXDLV SRXFR WULOKDGRV 3HQVDPRV
FHQWUDOPHQWH QRV HVWXGRV GH 7DOFRWW 3DUVRQV DPSDUDGR SRU 5REHUW . 0HUWRQ FXMD WUDMHWyULD

VH FUX]RX DR ORQJR GH VXDV FDUUHLUDV $ VRFLRORJLD HVWUXWXUDO IXQFLRQDOLVWD SRVVXL XP OLPLWH

VREUH R HVWXGR GD ORXFXUD FRQGL]HQWH FRP D DFHSomR SDUFLDO GR ORXFR QHVVD WHRULD (VVD
PHVPD ELEOLRJUDILD WRGDYLD SRVVXLX SUHSRQGHUkQFLD GXUDQWH DV GpFDGDV GH H
TXDQGR GHFDL IUHQWH D RXWUDV H[SOLFDo}HV H PpWRGRV GH DQiOLVH $FUHGLWDPRV QHOD KDYHU XPD
SHUVSHFWLYD GH DQiOLVH GD GRHQoD PHQWDO PHVPR OLPtWURIH DFRPSDQKDGD GR GHFOtQLR GR

HVWUXWXUDOIXQFLRQDOLVPR
¼¾
AJ?KJPNK AJPNA K>ANP ANPKJ A =H?KPP =NOKJO =?KJPA?A @QN=JPA = OQ= LANI=JaJ?E= AI =NR=N@
=JPANEKNIAJPA W LQ>HE?=^ZK @A OPNQPQN= @= ^ZK K?E=H AI ¼Ä¾Â ANPKJ BKE =HQJK @A =NOKJOAIQI@A
OAQO ?QNOKO @QN=JPA = AHQ?E@=^ZK @= PAKNE=AOPNQPQN=HBQJ?EKJ=HEOP=BKNI=^ZK@AQI=NA@A@A?KJP=PKOA
= =>N=JCaJ?E= @= @EO?QOOZK L=NOKJE=J= =OOEI ?KIK @A OQ= LNAOAJ^= `QI=PAIXPE?=NA?KNNAJPA=KHKJCK
@AOP= @EOOANP=^ZK O H=^KO @A =NOKJO JZK OZK BAEPKO Oj AI =NR=N@ AHAO OA AOPAJ@AI =P` DE?=CK A
KJ@NAO PAJ@K AHA OE@K @EO?QPE@K J= PAKNE= AOPNQPQN=H BQJ?EKJ=HEOP= A L=NPE?EL=JPA @A ?KIEPaO @A
NAAOPNQPQN=^ZKA?KJkIE?=@QN=JPAKLjOCQANN=AI¼Ä¿À
¼¿
=EO ?KJ?AEPKO BECQN=IOA @A BKNI= LNAOAJPA LKN @`?=@=O @AO@A = BKNIQH=^ZK OEOPaIE?= AOPNQPQN=H
BQJ?EKJ=HEOP= NEIAEN=IAJPA AO>K^=@KO AI ¼Ä¾Â LKN =H?KPP =NOKJO AHAO OANE=I LKOPANEKNIAJPA
ATL=J@E@KO J=O OQ=O @Q=O K>N=O @A ¼ÄÀ¼ =LNKBQJ@=@KO J= @`?=@= @A ¼ÄÁ» A AJPN=@K AI @A?HdJEK J=
@`?=@=LKOPANEKNOACQEJ@KKB=HA?EIAJPK@K=QPKN
¼À
KN=I BAEP=O NA?KNNAJPAIAJPA J= >E>HEKCN=BE= OK?EKHjCE?= EJPANLNAP=^lAO ?NdPE?=O @= PAKNE= AOPNQPQN=H
BQJ?EKJ=HEOP= T?AOOER=IAJPA =>OPN=PK LAJO=@KN =LKHdPE?K @A PANIEJKHKCE= LAO=@= A KL=?= OZK HAEPQN=O
=OOK?E=@=O W K>N= L=NOKJE=J= LAHKO OAQO ?NdPE?KOIOAQOAJPE@KCAN=H==H?QJD=@A¯EJ?QNXRAHPAjNE?K¯OA
BKNI= OK>NA =NOKJO ALAPE@= J= K>N= @A QU K?DAN AH= ` NALNAOAJP=PER= @= EI=CAI LNAOANR=@= @K
OK?EjHKCK EJ?HQOERA AI PANN=O>N=OEHAEN=OKJ@AKOPATPKOAOPQ@=@KOOZK=MQAHAOATAILH=NAO@=PKP=HE@=@AA
DAN=J^= @A OQ= PAKNE= OOK PAI QI= AOPN=JD= LNKLKOE^ZK OQ>HEI= = =BENI=^ZK @A MQA = OK?EKHKCE=
JA?AOOEP=NE= @A =PQ=^ZK AILdNE?= OPA ` QI OQLKOPK ?NEOP=HEV=@KN OK>NA = PAKNE= L=NOKJE=J= A K LANdK@K
MQA AH= RERA AI N=VZK @KO I=EKNAO AOBKN^KO AILdNE?KO LAH= PAKNE= @A I`@EK =H?=J?A A IE?NKOOK?EKHKCE=
ATEOPAJPAO=L=NPEN@A¼ÄÁ»

½À
LQGLYtGXR H j VXD IDPtOLD SHUVLVWLQGR GHQWUR GR VLVWHPD LQWHUDWLYR 8PD DOD SVLTXLiWULFD
WDPEpP VHULD XPD IRUPD GH FRQWUROH QRUPDWLYR GHVVH LQGLYtGXR UHFHEHQGR LQIOXrQFLD GH
RXWURV VLVWHPDV FRPR R ILQDQFLDPHQWR HFRQ{PLFR RX LQWHUQDOL]DQGR RV REMHWLYRV GR
WUDWDPHQWR 2V GLDJQyVWLFRV GH 7DOFRWW 3DUVRQV H 5REHUW 0HUWRQ HQWHQGHP D ORXFXUD WDQWR
FRPRGHVYLRGDSHUVRQDOLGDGHFRPRGRHQoDDWUHODGRVjLQWHUDomRQRUPDWLYDHjHVWUXWXUD(OHV
VmR SHUFHSWtYHLV SHOR GHVYLR GR FRPSRUWDPHQWR H DVVRFLDGRVDRWUDWDPHQWRLQVWLWXFLRQDOL]DGR

RUJDQL]DGR
0HVPRDVVLPKiXPSUREOHPD&RPDGRHQoDPHQWDOHQWUHDQRUPDHRGHVYLRFRPR
R FRPSRUWDPHQWR QRUPDWLYR GR VLVWHPD GH LQWHUDomR GHYH VH FRPSRUWDU HP UHODomR D HOD
FRPR GHVYLR RX FRPR GRHQoD" 7UD]HQGR PRPHQWDQHDPHQWH R DWR GH 5DVNROQLNyY RFULPHp
JHUDOPHQWH WUDWDGR FRP HVWUDQKDPHQWR H UHSXOVD XP URPSLPHQWR GD VROLGDULHGDGH H GD
FRHVmR HQWUH DVSHVVRDVSDXWDGRHPSULQFtSLRVQRUPDWLYRVHYDORUDWLYRV2GHVYLDQWHGHYHVHU
UHVSRQVDELOL]DGR SHODV LQVWLWXLo}HV H RUJDQL]Do}HV FDEtYHLV H VRFLDOPHQWH FRQWURODGR WHQGR D
VXDFRQGXWDQRWDGDSHORFRPSRUWDPHQWRSHUFHELGRGXUDQWHDLQWHUDomR
,QLFLDOPHQWH XPD VtQWHVH GDV REUDV GH ePLOH 'XUNKHLP $OIUHG 0DUVKDOO0D[:HEHU
H9LOIUHGR3DUHWRDWHRULDGDDomRVRFLDOSDUVRQLDQDLQWHQVLILFDRFRQKHFLPHQWRGHVVHVDXWRUHV
QR FRQWLQHQWH QRUWHDPHULFDQR FRPSUHHQGHQGR HQWmR XP QRYR PRGHOR GH UDFLRQDOLGDGH $
LQWHQVD PLJUDomR GH LQWHOHFWXDLV SDUD RV (VWDGRV 8QLGRV DFUHVFHQWD DR SUHVWtJLR GR DQWLJR
GRXWRUDQGR GH +HLGHOEHUJ H HQWmR FDWHGUiWLFR GRV GHSDUWDPHQWRV GH 6RFLRORJLD H 5HODo}HV

6RFLDLV GH +DUYDUG GH D TXDQGR VH DSRVHQWD $R ORQJR GD YLGD7DOFRWW3DUVRQV
¼Ã
8P GHVHQYROYLPHQWR GHVVD DQiOLVHIXQFLRQDOIRLUHDOL]DGRSRU5REHUW0HUWRQLQFRUSRUDQGRHDSURIXQGDQGRR
TXDGUR SDUVRQLDQRDQWHULRUjRILFLDOL]DomRGRSDUDGLJPD$*,/1HVVHFDVRRVTXDGURVGHUHIHUrQFLDPHUWRQLDQRV
SRVVXLULDP YDULiYHLVSRVLWLYDVRXQHJDWLYDVFHQWUDGDVQDDomRLQGLYLGXDORULHQWDGDDREMHWLYRV([SORUDUHPRVWDLV
GLPHQV}HV DGLDQWH)RUPDOL]DGR HP QD REUD 6RFLDO 6\VWHPVDQGWKH(YROXWLRQRI$FWLRQ7KHRU\RHVTXHPD
RX SDUDGLJPD $*,/ $GDSWDWLRQ *RDO $FKLHYHPHQW ,QWHJUDWLRQ H /DWHQF\ p XPD HStWRPH SDUVRQLDQD 1HOHp
FRQGHQVDGD D SHUVSHFWLYD HP UHODomR DR GHVHQYROYLPHQWR VRFLDO GH ODUJD HVFDOD HP XPD WHRULD GH HVFDOD
PXOWLGLPHQVLRQDO 1RVVD OLQKD GH UDFLRFtQLR FRQIRUPH VH VXVWHQWD HQWHQGH R $*,/ HQTXDQWR FRQWLQXLGDGH GR
SHQVDPHQWR SDUVRQLDQR H[LVWHQWH GHVGH D SXEOLFDomR GH VXD SULPHLUD REUD 7DO HVTXHPD FRUUHVSRQGH D XPD
YHUVmRILQDOGHVXDWHRULDVLVWrPLFD
¼Ä
0DLVGHWDOKHVGDYLGDDFDGrPLFDHDUHODomRFRQWH[WXDOHQWUHSURILVVmRHWUDMHWyULDSHVVRDOHVWmRGLVSRQtYHLVGH
IRUPD HVSDOKDGD HQWUH WUHFKRV GH DOJXQV DXWRUHV TXH VH GHGLFDUDP j FDUUHLUD GH 7DOFRWW 3DUVRQV -HIIUH\
$OH[DQGHU *X\ 5RFKHU H 8WD *HUKDUGW DGRWDP XPD QDUUDWLYD FRPSOHPHQWDU MXVWDPHQWH VREUH R LQtFLR GH VXD
FDUUHLUD ± RV SRQWDSpV GH VXD FDUUHLUD LQWHOHFWXDO H HVSHFLDOPHQWH DV SXEOLFDo}HV GH VXDV SULPHLUDV REUDV 6mR
HVSDUVRV RV HVIRUoRV GH WUDoDU XPD ELRJUDILD SDUVRQLDQD DOpP GD LQWHOHFWXDOLGDGH 3DUD PDLRU DSURIXQGDPHQWR
&I 52&+(5 *X\ 7DOFRWW 3DUVRQV H D 6RFLRORJLD $PHULFDQD 5LR GH -DQHLUR )UDQFLVFR $OYHV >@
SS $/(;$1'(5 -HIIUH\ 7ZHQW\ /HFWXUHV 6RFLRORJLDO 7KHRU\ 6LQFH :RUOG :DU ,, 1HZ <RUN
&ROXPELD 8QLYHUVLW\ 3UHVV SS *(5+$5'7 8WD 7DOFRWW 3DUVRQV$Q ,QWHOOHFWXDO %LRJUDSK\
1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV

½Á
VH DSUR[LPDHFULDYtQFXORVFRPSURIHVVRUHVGHiUHDVFDUDVDRGHVHQYROYLPHQWRGHVXDSUySULD
WHRULD ± DQWHV HQWUHHDSyVDSXEOLFDomRGHVXDVGXDVSULPHLUDVJUDQGHVREUDVHPH
± HQTXDQWR RXWURV SHVTXLVDGRUHV DGHULDP DR UDFLRFtQLR HVWUXWXUDO IXQFLRQDOLVWD 'HQWUH HVWHV
HVWDYD 5REHUW . 0HUWRQ $V FDUUHLUDV LQWHOHFWXDLV GH DPERV RV DXWRUHV VH ID]HP
FRQMXQWDPHQWH ± WHQGR 0HUWRQ SURIXQGDPHQWH DSHUIHLoRDGR H LQRYDGR D DQiOLVH HVWUXWXUDO
IXQFLRQDOLVWD FRPR WRFDUHPRV DGLDQWH $SyV D UHYLVmR GH VXD REUD6RFLDO7KHRU\DQG6RFLDO
6WUXFWXUH 0HUWRQ WHULD VH GLVWDQFLDGR GH XPD UHODomR SUy[LPD DRDQWLJRSURIHVVRUDLQGDTXH

WHRULFDPHQWH IRVVHP WDQJHQFLDLV $GHPDLV XPD WHRULD TXH SHUSDVVD D 6HJXQGD *XHUUD
0XQGLDO FRPR HVWD IRL EHQHILFLDGD SHOR GHVHQYROYLPHQWR GR DPHULFDQ ZD\ RI OLIH H GDV

SROtWLFDVGHILQDQFLDPHQWRHPHUJHQWHVGXUDQWHD*XHUUD)ULD
1D YLUDGD H DR ORQJR GD GpFDGD GH DPERV RV DXWRUHV UHDOL]DP R VHX HQFRQWUR
FRP D ORXFXUD IRUPDOL]DQGR XPD OHLWXUD SRVVtYHO VREUH R ORXFR DWUDYpV GD UHODomR HQWUH
GRHQoD H GHVYLR QR HVWUXWXUDO IXQFLRQDOLVPR 7DOFRWW 3DUVRQV YLDELOL]D D OHLWXUD LQLFLDOPHQWH
DWUDYpV GD VXD REUD GH 7KH6RFLDO6\VWHP5REHUW0HUWRQDWUDYpVGH6RFLDO7KHRU\DQG
6RFLDO 6WUXFWXUH GH $WUDYpV GR SDSHO GR GRHQWH TXDQGR R GHVYLDQWH DVVXPH XPD
SRVLomR SDVVLYD GH GRHQWH 3DUVRQV SXEOLFD DOJXQV WH[WRV WDQJHQWHV j GRHQoD PHQWDO (P
½»
ERANOKO LAOMQEO=@KNAO @= OK?EKHKCE= EJRAOPEC=N=I = K>N= L=NOKJE=J= =K HKJCK @K PAILKHCQJO@AHAO
BKN=I NAOLKJOXRAEO LAH= ?NdPE?= @A OQ= K>N= >=OA=@=J=MQ=JPE@=@A@AR=NEXRAEOA@EBE?QH@=@A@ABKNIQH=N
=JXHEOAO ?KAO=O KQPNKO >QO?=N=I NAOC=PXH= A =PQ=HEVXH= =KO IKH@AO ?KJPAILKNYJAKO JPNA @EOPEJPKO
ATAILHKO ABBNAU HAT=J@AN =IAO KHAI=J =JO K=O A KHBC=JC Jm>H KO` =QNd?EK KIEJCQAO P=
AND=N@P AJPNA KQPNKO ?KJ?NAPEV=N=I BQJ@=IAJP=^lAO NAHAR=JPAO OK>NA AOO= LNK@Q^ZK ?EAJPdBE?= KI
R=NE=JPA CN=Q @A ?KJ?KN@YJ?E= AJPAJ@AOA MQA = PAKNE= RKHQJP=NEOP= @==^ZKJKIA=PNE>Qd@KWAOPNQPQN=
@= =^ZK OK?E=H BQJ@=@= AI K>N= DKIkJEI= AI¼Ä¾ÂBN=?=OOKQ=KAOP=>AHA?ANQI=AOPNQPQN=LKN@AI=EO
?KILHAT= A EJPAN?KJA?P=@= JPNA =O K>N=O?AJPN=EO@AOOAO?KIAJP=@KNAOL=N==?KILNAAJOZK@KL=LAH@=
PAKNE= AOPNQPQN=H BQJ?EKJ=HEOP= @A =H?KPP =NOKJO AOPZK K =NPECK K?E=H DAKNU K?E=H AOA=N?D =J@ =
DAKNU KB ?PEKJ @A =IAO KHAI=J LQ>HE?=@K JK IANE?=J KQNJ=H KBK?EKHKCU ¼ÄÃÁ¡SAJPUA?PQNAO
K?EKHKCE?=H DAKNU EJ?A KNH@ =N @A ABBNAU HAT=J@AN ¼ÄÃÂ¡ 7DOFRWW 3DUVRQV$Q ,QWHOOHFWXDO
%LRJUDSK\ GH 8WD *HUKDUGW $ 7HRULD 6RFLROyJLFD GH 7DOFRWW 3DUVRQV GH -RVp 0DXUtFLR 'RPLQJXHV
H7HRULD6RFLDOYLQWHOLo}HVLQWURGXWyULDVGH+DQV-RDVH:ROIJDQJ.Q|EO
½¼
$ KHJHPRQLD WHyULFD GHVVHV DXWRUHV p GHQRWDGD DLQGD QD UHGH FRQVWUXtGD FXMD SUHVHQoD HP yUJmRV
LQVWLWXFLRQDLV HDFDGrPLFRVUHSHUFXWHVREUHDOHJLWLPLGDGHWHyULFDGHVXDVDERUGDJHQV(QIDWL]DPRVDYLVLELOLGDGH
TXH R HVWUXWXUDO IXQFLRQDOLVPR UHFHEHX WHQGR SHUPLWLGR D LQVHUomR GR YHUER GHVVHV LQGLYtGXRV HQWUH GLYHUVRV
FtUFXORV ± DFDGrPLFRV HRX SROtWLFRV (QWUH D SXEOLFDomR GH VXDV SULPHLUDV REUDV 3DUVRQV IXQGRX XP QRYR
GHSDUWDPHQWR FKHILRX DV SXEOLFDo}HV GD $PHULFDQ 6RFLRORJLFDO 5HYLHZ DQDOLVRX H HPLWLX SDUHFHU DFHUFD GD
UHFRQVWUXomR HXURSHLD *(5+$5'7 8WD 7DOFRWW 3DUVRQV $Q LQWHOOHFWXDO ELRJUDSK\ &DPEULGJH &DPEULGJH
8QLYHUVLW\ 3UHVV (QWUH RV DQRV GH HpSUHVHQFLDGDXPDH[WHQVDSXEOLFDomRGHDUWLJRVSRUSDUWH
GH 3DUVRQV DVVLP FRPR R IRUWDOHFLPHQWR GH XPD UHGH DFDGrPLFDHVWUXWXUDOIXQFLRQDOLVWDQRFHQiULRHXURSHX2V
WH[WRV HP TXHVWmR HVWmR UHXQLGRV QD FROHWkQHD (VVD\V RQ 6RFLRORJLFDO 7KHRU\ H VmR GHGLFDGRV j DQiOLVH GH
SUREOHPDV PDFUR VRFLDLV SRU XPD WHQWDWLYDHPStULFDGDWHRULDGDDomRVRFLDO(VVHPRPHQWRUHYHODXPDLQIOH[mR
QD REUD SDUVRQLDQD TXDQGR XPD SRVWXUD WHyULFR DQDOtWLFD p SURJUHVVLYDPHQWH DEDQGRQDGD HP UD]mR GH XPD
FRQVWUXomR VLVWrPLFD HVWUXWXUDOL]DQWH &RP D SXEOLFDomR GH 7KH 6RFLDO6\VWHPHP3DUVRQVWHULDSDUWLGRGD
DQiOLVHVREUHDDomRSDUDDLQWHJUDomRGHVWDjRUJDQL]DomRVLVWrPLFD

½Â
HOH SXEOLFD XP DUWLJR HP FRQMXQWR FRP 5HQFH )R[ LQWLWXODGR,OOQHVV7KHUDS\DQG7KH
0RGHUQ $PHULFDQ )DPLO\ QR TXDO H[SDQGH D UHODomR HQWUH GRHQoD H GHVYLR DOpP G 2
6LVWHPD 6RFLDO $OJXQV DQRV GHSRLV SXEOLFRX R FDStWXOR 7KH 0HQWDO +RVSLWDO DV D W\SH RI
2UJDQL]DWLRQ DVVRFLDQGR RV KRVSLWDLV SVLTXLiWULFRV j HVWUXWXUD GR QDVFHQWH VLVWHPD $*,/ H

FULDQGR XPD UHODomR HQWUH D SHUFHSomR H[WHUQD HRSURFHVVRLQWHUQRGHVVDVRUJDQL]Do}HV 1D
GpFDGD GH WRGDYLD Ki XPD WUDQVLomR QR SDUDGLJPD UHODFLRQDGR DR HVWXGR GD GRHQoD
PHQWDO QD VRFLRORJLDeRSHUtRGRQRTXDORVHVWXGRVGH(UYLQJ*RIIPDQH0LFKHO)RXFDXOWVH
ORFDOL]DP H H[SDQGHP 7DPEpP p RPRPHQWRGDFUtWLFDjDERUGDJHPHVWUXWXUDOIXQFLRQDOLVWD
TXDQGR D DGRomR GR SDSHO GR GRHQWH p YLVWD VHP EULOKR RX SHUVSHFWLYD 'H D
3DUVRQV VH HQYROYH QD H[SORUDomR GR 6LVWHPD $*,/ H GRV SHUFXUVRV VREUH D HYROXomR H D
VRFLHGDGH PRGHUQD QD VXD REUD UHWRUQDQGR j SXEOLFDU VREUH GRHQoD H GHVYLR QRYDPHQWH HP

3XEOLFDGR FRPR7KH6LFN5ROHDQGWKH5ROHRIWKH3K\VLFLDQ5HFRQVLGHUHGRDUWLJR
SUHWHQGH GLVVRFLDU R GRHQWH GR GHVYLDQWH XPD DVVXQomR UHIRUoDGD FRP D GRHQoD PHQWDO

SRUpPHOHRPLWHLQWHQFLRQDOPHQWHXPDTXHVWmRHPSDUWLFXODUDSUySULDGRHQoDPHQWDO
(P HQFRQWURDRHVWUXWXUDOIXQFLRQDOLVPRQDGpFDGDGHHVWmRDVOHLWXUDVGH5RJHU

%DVWLGH H 6KLUOH\ $QJULVW 3UHRFXSDGRV FRPRGHVHQYROYLPHQWRGRHVWXGRGDGRHQoDPHQWDO
½½
3HORV HVIRUoRV WUDoDGRV SRU QyV QmR QRV IRL SRVVtYHO WHU DFHVVR DR FRQWH~GR FRPSOHWR GR DUWLJR HVFULWR SRU
3DUVRQV 'XUDQWH D LQYHVWLJDomR SHUFHEHPRV TXH RV ~QLFRV PDWHULDLV VREUH D REUD TXH REWLYHUDP PDLRU
FLUFXODomR IRUDP UHVHQKDV H VXD FLWDomRHPDOJXQVSRXFRVDUWLJRVGXUDQWHDGpFDGDGH$VUHVHQKDVVREUHD
REUD WDPEpP PLQJXDP HP 3RUpP QmR DSUHVHQWDP JUDQGHV FUtWLFDV RX UHVVDOYDV j PHQWDOLGDGH HVWUXWXUDO
IXQFLRQDOLVWD 7LYHPRV DFHVVR j SiJLQDV LQWHLUDV WUDQVFULWDV GR WH[WR RULJLQDO H D DOJXQV GH VHXV IOX[RJUDPDV
PDVQmRjWRGDV
½¾
AOOA LANdK@K =O IAJ^lAO W @KAJ^= @AOREK A L=LAH @K @KAJPA BKN=I BAEP=O OKIAJPA AI PAKN EJ?HQOERK
PN=RÒ @= OQ= ?KIQJE?=^ZK JK KJCNAOOK QJ@E=H @A K?EKHKCE= AI=CKOPK¼ÄÂ¿LAH=?KIQJE?=^ZK¯DA
OE?G NKHA NAREOEPA@ = NAOLKJOA PK ?NEPE?O =J@ =J QL@=PEJC EJ PANIO KB PDA PDAKNU KB =?PEKJ¯BKEAH=>KN=@KK
PATPK LQ>HE?=@K AI ¼ÄÂÀ NAREOEP=^ZK P=N@E= =K PAI= LK@A OAN FQOPEBE?=@= LAHK LNjLNEK AO?KLK @= OQ=
PAKNE= L=LAH @K @KAJPA OE?GNKHA¡?KJBKNIARANAIKOJAOPA?=LdPQHKBKEEJ=QCQN=@KAI¼ÄÀ¼APARA>K=
NA?AL^ZK =OOEI ?KIK = OQ= K>N= =P` KO =JKO ¼ÄÁ» CN=J@A PAKNE= @A OEOPAI=O @A =H?KPP =NOKJO K
K?QLKQ LAH=O LNjTEI=O @`?=@=O =OOEI ?KIK = BKNI=HEV=^ZK @A QI= AOPNQPQN= ?KJRAJ?EKJ=@= ?KIK
EIjRAH AR=J@KK LKNP=JPK = RKHP=N=@EO?QPEN=OQ=NAH=^ZK?KI=IA@E?EJ=OKIAJPAJKAOPXCEKP=N@EK@A
OQ=RE@=
½¿
=BENI=^ZK L=NOKJE=J= AI ¼ÄÂÀ =?AN?= @= @KAJ^= IAJP=H ?KJBKNIA RANAIKO =@E=JPA NA?KJDA?A =
?NdPE?= OK>NA = AOBAN= LOEMQEXPNE?= @A OQ= =JXHEOA BENI= JZK OAN AT?HQOER= @= @KAJ^= IAJP=H PK@=RE= =
LNK>HAI=PEV=^ZK @= NAH=^ZK AJPNA @AOREK OK?E=H A @KAJ^= OO= MQAOPZK `NAH=PER=W@KAJ^=?KIKQIPK@K
=QOaJ?E= JAOOA PATPK ` = NABANaJ?E= =KO ?=IEJDKO PKI=@KO OK>NA = @KAJ^= IAJP=H MQA = PKNJ=R=
OEJCQH=N
½À
=OPE@APAJPKQLNKRAN@QN=JPA=B=OABEJ=H@AOQ=RE@=QI=EJPANB=?A?=L=V@ANAH=?EKJ=NK?=ILKI`@E?K
=K OK?EKHjCE?K L=NPEJ@K @A 'IEHA QNGDAEI A ?QHIEJ=J@K AI =QPKNAO ?KIK =H?KPP =NOKJO A E?DAH
KQ?=QHP K>NA AOO= =>KN@=CAI @Q=O K>N=O BKN=I ANCQE@=OK?EKHKCE=@=OKAJ^=OAJP=EO@A¼ÄÁÀA
KJDK N=JOA A KQ?QN= @A ¼ÄÂ½ OP= qHPEI=BKEQI=?KHAPYJA=@A=NPECKOA?=LdPQHKOLQ>HE?=@KOAIRE@=
LKN=OPE@AI=ONAKNC=JEV=@KOLKOPIKNPAIAIK>N=

½Ã
LQWHUQR j VRFLRORJLD HVVHV DXWRUHV WHFHUDP FUtWLFDV SRQWXDLV j HVTXHPDWL]DomR GD ORXFXUD HP
3DUVRQV%DVWLGHYLULDDDILUPDUVREUHDDXVrQFLDGHLQWHJUDomRGRORXFRQHVVDWHRULDDOHJDQGR
KDYHU XPD VXELQWHJUDomR D VXEYHUWHU D SUySULD OyJLFD LQWHUDFLRQLVWD UHWLUDQGR GR ORXFR D

LQWHJUDomR QHFHVViULD j VXD VROLGDULHGDGH VRFLDO $QJULVW DOHJD QmR KDYHU XPD HVWDELOL]DomR
GR VLVWHPDGHQWURGHVWDHVWUXWXUDQRTXDORGHVYLRJHUDXPPRWRFRQWtQXRORXFXUDFRQWLQXDD
JHUDUORXFXUDVHPVROXomRRXLQWHJUDomR
3RUWDQWR p QHFHVViULR GHVWULQFKDU DV IRUPXODo}HV DFHUFD GH DPERV RV FRQFHLWRV ±
QRUPD H GHVYLR ± DVVLPFRPRDVXDUHODomRHIXQFLRQDPHQWRLQWHUQRDRSHQVDPHQWRHVWUXWXUDO
IXQFLRQDOLVWD SDUD YLVXDOL]iODHPUHODomRDRWRGR1mRWmRVRPHQWHHODVUHPHWHPDFRQMXQWRV
H RUJDQL]Do}HV WHyULFDV DQWHULRUHV $ FRQILJXUDomR GR GHEDWH WHyULFR WHP FRQWLQXLGDGH GR
SHQVDPHQWRIXQGDGRUGHDXWRUHVGDVRFLRORJLDFOiVVLFD
,, 2VIXQGDPHQWRVVREUHD1RUPDHQTXDQWR&RQIRUPLGDGH

$ SDUWLU GH D REUD SDUVRQLDQD p FRQVWUXtGD HQTXDQWR SRQWR UHIHUHQFLDO SDUD R
HVWUXWXUDO IXQFLRQDOLVPR QRV (VWDGRV 8QLGRV $ WHRULD GD DomR VRFLDO DLQGD VH HQFRQWUD HP
SRQWR GH FRQVROLGDomR HP DQWHV GD DSOLFDomR GR 6LVWHPD $*,/ (OD LQWHJUD D UHODomR

HQWUH LQWHUDomR H VLVWHPD D SDUWLU GH XPD WHRULD YROXQWDULVWD GXUDQWH XPD VHJXQGD IDVH GD
½Á
OKHE@=NEA@=@AOK?E=H`QI=PAIXPE?=NAHAR=JPA@ANER=@=@KOAOPQ@KO@A(IEHAQNGDAEIA@=OHEJD=O@=
OK?EKHKCE= DAN@AEN=O @K BQJ?EKJ=HEOIK @QNGDAEIE=JK KHE@=NEA@=@A ` L=NPA @= =IXHC=I= MQA LANIEPA =
QI= OK?EA@=@A OA I=JPAN ?KJOAJOQ=H AJPNA KO OAQO D=>EP=JPAO C=N=JPEJ@K JdRAEO @A ?KAOZK OK?E=H A >AI
AOP=N OKHE@=NEA@=@A ` @ERANOEBE?=@= A=LNKBQJ@=@=AIOK?EA@=@AO?KILHAT=OKJ@A=@EREOZK@KPN=>=HDK
` I=EO OECJEBE?=PER= ACQJ@K QNGDAEI J® EREOZK @K N=>=HDK K?E=H DX @KEO PELKO @A OKHE@=NEA@=@A =
IA?YJE?=KJ@ALNAR=HA?AK@ENAEPKLQJEPERKA=KNCYJE?=?KNNAOLKJ@AJPA=K@ENAEPKNAOPEPQPERK
½Â
QEPK @= ?NdPE?= W K>N= L=NOKJE=J=LK@AOANNAOQIE@=AI =IAOKHAI=JAIHAEPQN==LjOKB=HA?EIAJPK
@K OK?EjHKCK OO= EJPANLNAP=^ZK OA PKNJKQ NA?KNNAJPA JKO @AI=EO =QPKNAO FX ?EP=@KO ?KIK ABBNAU
HAT=J@AN P= AND=N@P A KO`=QNd?EKKIEJCQAOH=?KJOEOPAJ=OACQEJPABKNIQH=^ZK$SURPHVVDTXH
7DOFRWW 3DUVRQV DVVHJXURX HP GH XPD WHRULD YROXQWDULVWD GD DomRSHUPDQHFHXQmRUHDOL]DGDHHQWmRWHRULD
VRFLDO H SHVTXLVD VRFLDO VHJXLUDP FDPLQKRV GLYHUJHQWHV $LQGD TXH HVVD GLYHUJrQFLD p HP JUDQGH PHGLGD XP
UHVXOWDGR GR IUDFDVVR HP DQDOLVDU D HVWUXWXUD QR TXDO XPD WHRULD VRFLDO EDVHDGD QD WHRULD GD DomR GHYHULD WHU´
>7UDGXomR 1RVVD@ =IAO K?E=H DAKNU K?E=H AOA=N?D =J@ = DAKNU KB ?PEKJ J IANE?=J
KQNJ=H KB K?EKHKCU RKH Ä¼ K Á =U ¼ÄÃÁ L ¼¾¾½ ZK K>OP=JPA AOO= EJPANLNAP=^ZK NALNAOAJP= QI
H=@K @= ?NdPE?= QPNK LK@A OAN REOQ=HEV=@K JK AI>=PA AJ?=>A^=@K LKN AN>ANP HQIAN REJ?QH=@K =K
AL=NP=IAJPK@AK?EKHKCE=@=O?KH=@ADE?=CKOO=?NdPE?=OANXAJB=PEV=@=JKOACQJ@K?=LdPQHK
½Ã
KN PAKNE= RKHQJP=NEOP= AJPAJ@= D=RAN QI= aJB=OA J= =^ZK N=?EKJ=H L=N= I=JQPAJ^ZK @= KN@AI A @=
AOP=>EHE@=@A AI QI= OK?EA@=@A IK@ANJ= RANRARKHQJP=NEOP=@=K>N=L=NOKJE=J=ÀIL=NPA@ANER=@=@=
OQ= EIANOZK J= K>N= @K BEHjOKBK HBNA@ KNPD DEPADA=@ ?KHAC= J= JERANOE@=@A @A =NR=N@ ?QF=
EJOLEN=^ZKAOPXNAH=?EKJ=@=?KI=J=NN=PER=@=LNEIAEN=K>N=@A=NOKJOAI¼Ä¾Â

½Ä
UHIOH[mR SDUVRQLDQD $Wp HVVH PRPHQWR 7DOFRWW 3DUVRQV SRGH VHU YLVWR HP PHLR j GLIXVmR H

FRQVWUXomRWHyULFRDQDOtWLFDVREUHR6LVWHPD6RFLDO
3HOD DQiOLVH GH VXDV REUDV H DUWLJRV p FRUURERUDGR R SHUFXUVR FRQFHLWXDO GH 7DOFRWW
3DUVRQV GHVGH $ (VWUXWXUD GD $omR 6RFLDO ± DWUDYHVVDQGR R FRQMXQWR GH DUWLJRV UHODWLYRV j
DQiOLVH GH SUREOHPDV PDFURVVRFLDLVSRUXPHVIRUoRHPStULFRGDWHRULDGDDomRVRFLDO+iXPD
FRQWLQXLGDGH GR GHVHQYROYLPHQWR H DSOLFDomR GH FRQFHLWRV SUHVHQWHV HP VXD SULPHLUD JUDQGH
REUD DWUDYpV GDV SURGXo}HV VXEVHTXHQWHV 7DO FDUDFWHUtVWLFD p UHOHYDQWH SHOD FRQVLGHUDomR
RULJLQiULD GH 7DOFRWW 3DUVRQV DFHUFD GD QRUPD H SHOR GHVHQYROYLPHQWR GHVWD SULQFLSDOPHQWH
Q¶2 6LVWHPD 6RFLDO RQGH DFRPSDQKD D DPSOLDomR GRV TXDGURV GH UHIHUrQFLD SDUVRQLDQRV

HVTXHPDVGHDQiOLVHGRPHLRVRFLDOGDLQWHUDomRjVLQVWLWXLo}HVHDRVVLVWHPDV
$SUR[LPDUQRV GD FRQFHLWXDOL]DomR VREUH D QRUPD HP3DUVRQVH[SORUDDFRQVROLGDomR
GR LQVWUXPHQWR WHyULFR SDUVRQLDQR HQTXDQWR VLVWHPD DQDOtWLFR $VVLP pSRVVtYHOFRPSUHHQGHU
D FLUFXODomR GH LGHLDV TXH DGHQWUDP DGLPHQVmRGRGHVYLRHGDORXFXUDHQWUHHVVHDXWRUHVHXV
SDUHV )DWRU UHOHYDQWH SDUD DV DSUR[LPDo}HV H GLVWDQFLDPHQWRV GD WHRULD HVWUXWXUDO
IXQFLRQDOLVWDGH5REHUW0HUWRQ
6HJXLQGR D WHRULD GD DomR SUHVHQWHQ $(VWUXWXUDGD$omR6RFLDODQRUPDVHLQVHUHQD
FRQGXomR GR SDGUmR GDV LQWHUDo}HV H GR IXQFLRQDPHQWR VLVWrPLFR 6LVWHPD RX LQWHUDomR
SRGHP VHU LQWHUSUHWDGRV FRPR SRQWRV DWUDYpV GRV TXDLV D DQiOLVH pIHLWD3UHVHQWHVQDUHODomR
FRPDWRUFRPRPHLR±HOHPHQWRH[SDQGLGRQ¶26LVWHPD6RFLDO±DQRUPDUHSUHVHQWDXPIDWRU

GHGHVWDTXHQDFRQILJXUDomRGRVVLVWHPDVVRFLDLVDWUDYpVGDLQWHUIHUrQFLDQDDomR

3RU XP ODGR RV FRQJUHVVRV UHDOL]DGRV HQWUH H PRVWUDP D WHQWDWLYD SDUVRQLDQD GH IRUPDomRGHXP
FRQMXQWR LQWHOHFWXDO HVWUXWXUDO IXQFLRQDOLVWD YLVXDOL]DGR DWUDYpV GDV SXEOLFDo}HV HP H QR $PHULFDQ
6RFLRORJLFDO 5HYLHZ H QD RUJDQL]DomR GR 7RZDUG D *HQHUDO 7KHRU\ RI $FWLRQ HP FRQMXQWR FRP GHPDLV
DFDGrPLFRV +i XP LQWXLWR SDUVRQLDQR DR GHVHQYROYLPHQWR GD WHRULD DWUDYpV GH XP FUHVFLPHQWR FXPXODWLYR
FRPR R p DILUPDGR SRU 3DUVRQV QD LQWURGXomRGH26LVWHPD6RFLDOHGH7RZDUGD*HQHUDO7KHRU\RI$FWLRQ&I
'20,1*8(6 -RVp 0DXUtFLR 7HRULDV6RFLROyJLFDVQR6pFXOR;;5LRGH-DQHLUR&LYLOL]DomR%UDVLOHLUD
3$562167DOFRWW3UHIDFH,Q7KH6RFLDO6\VWHP/RQGRQ)RUJRWWHQ%RRNV>@
¾»
OOK?E=@KO = PAKNE= BQJ?EKJ=HEOP= L=NOKJE=J= KO MQ=@NKO @A NABANaJ?E= BN=IAO KB NABANAJ?A¡OZKNA@AO
IQHPEB=?AP=@=O @A ?KJ?AEPKO HAO AJCHK>=I =O @ABEJE^lAO?KJ?AEPQ=EO@ABKNI=AOMQAIXPE?=AAOP=>AHA?A=
>=OA PAjNE?= @=O NAH=^lAO AJPNA EJ@ERd@QK A OK?E=H OK>NA QI IK@K AOPNQPQN=@K =JCAJ?E=H W JKOO=
=>KN@=CAI KO MQ=@NKO @A NABANaJ?E= L=NOKJE=JK OA =OOK?E=I ?KIK QI EJOPNQIAJPK LNEIKN@E=H OK>NA K
MQ=HKOOACQE@KNAOL=NOKJE=JKO=?QIQH=NZKOQ=OLNjLNE=OPAKNE=O@AJPNAAOP=O=HKQ?QN=
¾¼
KO` =QNd?EK K?EKHKCE=@A=H?KPP=NOKJO ½=@E^ZKZK=QHKJJ=>HQIA½»»ÃLL
¾¾¾Ä
¾½
JPNA OPNQPQN= @=^ZKK?E=HAEOPAI=K?E=H`LAN?A>E@=QI=@EBANAJ?E=^ZKJ=@AO?NE^ZK=J=HdPE?=
@KO IA?=JEOIKO @= =^ZK KJBKNIA =NCQIAJP=IKO K PATPK @ EOPAI= K?E=H =LNKBQJ@= = ?KILNAAJOZK
@KO MQ=@NKO @A NABANaJ?E= @= =^ZK OOK P=I>Ì OA =LHE?= = ?KILNAAJOZK L=NOKJE=J= OK>NA =O QJE@=@AO
IdJEI=ONABANAJPAO=KK>FAPKOK?E=HAW=^ZK

¾»
$ QRUPD FRQVWLWXLXPDHSLWRPHDRSHQVDPHQWRSDUVRQLDQRHPHUWRQLDQR1DGHILQLomR
SDUVRQLDQD GD REUD GH ³8PD QRUPD p XPD GHVFULomR YHUEDO GR FXUVR FRQFUHWR GD DomR
DVVLP FRPR FRQVLGHUDGD GHVHMiYHO FRPELQDGD FRP XPD LQMXQomR SDUD ID]HU FRP TXH FHUWDV

Do}HV IXWXUDV HVWHMDP GH DFRUGR FRP HVVH FXUVR´ &RP FDUiWHU LQVWUXPHQWDO H H[WHUQR D
QRUPD p UHSURGX]LGD GHQWUR GR LQGLYtGXR ± DR PHVPR WHPSR PRWLYDGRUD HREVWiFXORGDDomR

GHVWLQDGD D XP ILP (P FDUiWHU REMHWLYR HOD PDQWpP RV PHFDQLVPRV GH RULHQWDomR H
FRQGXomR GDV UHODo}HV HQWUH DV XQLGDGHV VRFLDLV GH DomR ± VHMD HQWUH RV SUySULRV DWRUHV RX
GHVWHVFRPDVLQVWLWXLo}HVRXRUJDQL]Do}HV
$ UXSWXUD QD LQWHUQDOL]DomR GD QRUPD H GRV YDORUHV DVVRFLDGRV D HOD SRGHP DIHWDU D
HVWUXWXUDomR GH XPD SHUVRQDOLGDGHRXDRFXSDomRGHXPSDSHOVRFLDO3RUH[HPSORXPDWRGH
IXUWR FRUUHVSRQGH DXPDLQWHUDomRGHVYLDQWHHPUHODomRDRFRPSRUWDPHQWRVRFLDOPHQWHDFHLWR
QD TXDO R DWRU H[HUFH FRQWUROH QD VLWXDomR 6REUH HVVD LQWHUDomR VmRSURGX]LGDVSHUFHSo}HVD
GR SUySULR DWRU H GH RXWURV SRVVtYHLV HQYROYLGRV TXH GHQRPLQDPRV DOWHU $ UHDomR GHVVHV
LQGLYtGXRV GXUDQWH R IXUWR SRGH JHUDUXPHIHLWRVREUHDPERVGHUHDOL]DomRRXIUXVWUDomR'D
PHVPD IRUPD DVVXPHVH WHU RV GRLV ODGRV FRQKHFLPHQWRVREUHDFRQGXWDHVHXVYDORUHV(VVD
OHLWXUD DGYpP GH XPD SHUVSHFWLYD FHQWUDGD QD LQWHUDomR 3RU XPD SHUVSHFWLYD SHOR VLVWHPD

VRFLDO R IXUWR SRGH VHU YLVWR FRPR XPD QHFHVVLGDGH FDXVDGD SRU DOJXP GHVJDVWH VWUDLQ

GHULYDGR GH FRQGLomR VRFLDO RX SRU DQRPLD $PERV UHSUHVHQWDP XP ULVFR j HVWDELOLGDGH
VRFLDOjVROLGDULHGDGHHRIXQFLRQDPHQWRGRVQ~FOHRVVRFLDLV
¾¾
3$562167DOFRWW$(VWUXWXUDGD$omR6RFLDO5LRGH-DQHLUR9R]HV>@S
¾¿
=H?KPP E>E@AI L Ã» ¼¼¾¼¼À KO` =QNd?EK $6RFLRORJLDGH7DOFRWW3DUVRQV
6mR3DXOR$QQD%OXPH>@LL½Á½Ã
¾À
ACQJ@K = @ABEJE^ZK @A =H?KPP =NOKJO A @S=N@ DEHO AOP=>AHA?E@= AI ¼ÄÀ¼ QI OEOPAI= OK?E=H ` QI
OEOPAI= @A EJPAN=^lAO @A QI= LHQN=HE@=@A @A =PKNAO =^ZK KNEAJP=@= LAH= JKNI= LKNP= KO LKPAJ?E=EO
PN=VE@KO LAHKO L=LAEO A O=J^lAO AI ?KJATZK @APANIEJ=@=AJPNAKOEJ@ERd@QKO>FAPER=IAJPAKAOPNQPQN=H
BQJ?EKJ=HEOIK L=NOKJE=JK ?KILNAAJ@A = L=NPEN @= =^ZK MQA K OEOPAI= LKOOQE QI= KNC=JEV=^ZK EJPANJ=
L=@NlAO @A ?KILKNP=IAJPK A IAEKO @A =@=LP=^ZK 3$56216 7DOFRWW HW 6+,/6(GZDUG9DOXHV0RWLYHV
DQG 6\VWHPV RI $FWLRQ ,Q 7RZDUGV D *HQHUDO 7KHRU\ RI $FWLRQ &DPEULGJH +DUYDUG8QLYHUVLW\3UHVV>@
SS¼ÄÀ¼ÄÂ
¾Á
AOAJRKHREIAJPK @K RAEK RKHQJP=NEOP= @A OQ=LNEIAEN=K>N=P=HBKNI=HEV=^ZK@==^ZKN=?EKJ=H`QIAETK
@A =>KN@=CAI ?KJOPEPQEJPA @A QI= NAH=^ZK JK OEOPAI= OK?E=H J= AO?=H= @A EJPAN=^ZK A AI NAH=^ZK ?KI
@AI=EO IA?=JEOIKO A = OQ= LNjLNE= JAC=^ZK OAQ JZK ?QILNEIAJPK PK@=RE= JZK EJ@QV @ENAP= A
OAMQAJ?E=HIAJPA =K @AOREK PAJ@K AI REOP= MQA = ?=PACKNEV=^ZK ?KJ?AEPQ=H OA NARAH= @A BKNI=@E?KPkIE?=
AJPNA AETKO =J=HdPE?KO ?KIK K ` J= =JXHEOABQJ?EKJ=HL=NOKJE=J==N=?PANdOPE?=@=NAH=^ZK?KI=OPAKNE=O
?HXOOE?=O SA>ANE=J= A @QNGDAEIJE=J= J OPNQPQN= @= ^ZK K?E=H KO ?KILKJAJPAO AOPNQPQN=EO @KO
OQ>OEOPAI=O @A =^ZK ?KIK = JKNI= OZKL=OOdRAEO@A=JXHEOA=I>ER=HAJPAAJPNAKOLKHKOEJPAN=?EKJEOP=
FX=LNAOAJP=@KAKOEOPaIE?K

¾¼
$LQWHUDomRVRFLDOHQWUHGXDVXQLGDGHVGHDomRSRGHVHUFRPSUHHQGLGDHPFRQWDWRFRP
WUrV HL[RV GH FRPSUHHQVmR R VLVWHPD FXOWXUDO R VLVWHPD VRFLDO H D RULHQWDomR GR HJR 2V
LQGLYtGXRV VmR FRQGX]LGRV FHQWUDOPHQWH SHOR VLVWHPD VRFLDO H SHOR VLVWHPD GH GLVSRVLomR GH
QHFHVVLGDGHV GR LQGLYtGXR XPD UHODomR HQWUH DV HVFROKDV GH PHLRV SDUDDWLQJLUGHWHUPLQDGR
ILP $ LQWHUDomR SDUWH GD SDVVLYLGDGH RX FRQWUROH GR DWRU VREUH D VLWXDomR QXP FRQMXQWR GH
HWDSDV 2 HVTXHPD DEDL[R SURS}H XPD LQWHUSUHWDomR GDV UHODo}HV FRQVWLWXtGDV SHOR DWRU
GXUDQWHDLQWHUDomR
)LJXUD,QWHUDomRQR4XDGURGH5HIHUrQFLDGD$omR

$ DomR p VHPSUH GHWHUPLQDGD D XP ILP UDFLRQDOL]DGR HVVHpRSULQFtSLRGDLQWHUDomR
H SDUWLFLSDomR GRV LQGLYtGXRV QR VLVWHPD VRFLDO 2 DWRU HP LQWHUDomR SRVVXL XP FRQMXQWR GH
PRWLYDo}HV TXH GHWpP PDLRU RX PHQRU SUHSRQGHUkQFLD QD UHVSHFWLYD DomR FKDPDGRV GH
PRGRV GH RULHQWDomR GD DomR 6mR HVWHV R FRJQLWLYR R LQWHUHVVH GR DWRU SHOR REMHWLYR R
FDWpWLFR D UHSUHVHQWDomR SRVLWLYD RX QHJDWLYD GD DomR SDUD R HJR GR DWRU RULHQWDFLRQDO D
PDQHLUD GH UHDOL]DU D DomR SDUD FXPSULU VHX REMHWLYR JUDWLILFDWLYR UHODomR HQWUH R FXVWR GD
DomR H R JDQKR GR DWRU 7DQWR DV XQLGDGHV FDWpWLFD H FRJQLWLYD VmR GHULYDGDV GR VLVWHPD
FXOWXUDO HQTXDQWR D JUDWLILFDWLYD H RULHQWDFLRQDO VmR SDXWDGDV HP DVSHFWRV DYDOLDWLYRV GD
VLWXDomR GHULYDGRV GD SHUVRQDOLGDGH GR LQGLYtGXR H GR SDSHO SRU HOH UHSUHVHQWDGRV (VVDV

¾½
GXDV ~OWLPDV SRVVXHP tQWLPD UHODomR FRP D DGDSWDomR GR LQGtYLGXR H D UHDOL]DomR GH VHXV
REMHWLYRV SRVVXLQGR SUHSRQGHUkQFLD VREUH R HVWiJLR VHJXLQWH D RULHQWDomR GH REMHWLYRV(VWD
p D PHQVXUDomR GD IRUPD GD VXD LQWHUDomR SDUD FRQVHJXLU R TXH GHVHMD 6XEVHTXHQWHPHQWHR
FRQKHFLPHQWR GH XP FRQMXQWR GH VLJQRV FRPXQV HQWUH R DWRU H R DOWHU SRVVLELOLWDP D
FRPXQLFDomR
$ SDUWH LQIHULRU GR HVTXHPD FRUUHVSRQGH j RULHQWDomR GR HJR GXUDQWH D LQWHUDomR 2
HJR UHSUHVHQWD R SUySULR DWRU PDV DVVRFLDGR j SHUFHSomR VREUH D FRQGXomR GD DomR VHX
UHVXOWDGR HP UHODomR DRV REMHWLYRVHjUHDomRGRDOWHUHJR1RUPDWLYDPHQWHDVLQWHUDo}HVVmR
RULHQWDGDV SDUD D H[SHFWDWLYD H R DOFDQFH GH XPD JUDWLILFDomR GR HJR GLVWDQFLDQGRVH GH VXD

GHSUDYDomR GD UHVLJQDomR j UHEHOLmR 4XDQGR D FRQGXWD HQWUD HP QmR FRQIRUPLGDGH p
HVSHUDGR TXH HOD SRVVD VHU GLOXtGD HP XP SHVDU PRPHQWkQHR PXGH RV REMHWLYRVGRDWRUVHX
SDSHORXRVHXVHQWLPHQWRHPUHODomRjVLWXDomRQDTXDOVHFRORFRX
$FHUFD GD GRHQoD PHQWDO HP 3DUVRQV D UHODomR HQWUH D JUDWLILFDomR GR HJR H D
FRQGXomR QRUPDWLYD GD DomR YLVDP VRPHQWH D LQWHUDomR HP FRQIRUPLGDGH ,VWR pDLQWHUDomR
RQGH QmR Ki GLVVRQkQFLDV QD RULHQWDomR GRV REMHWLYRV QD FRPXQLFDomRQDUHDomRGRDOWHURX
QD JUDWLILFDomR GR HJR e FULDGR XP VLVWHPD QR TXDO LQGLYtGXRV GHYHP FRPSRU FXOWXUD
RULHQWDomR H H[SHFWDWLYD VLPLODUHV GHVWLQDGRV D XP REMHWLYRFRPXPHQWHDOLQKDGR6HJXLQGRD
QRUPD FRPR ILR FRQGXWRU TXDQGR XPD SHVVRD DGRHFH H SUHFLVD VH DXVHQWDU GH VXD RFXSDomR
VXD SRVLomR H D UHODomR FRP R PXQGR VRIUH PRGLILFDomR$LQWHUDomRpDOWHUDGDQDRULHQWDomR
GR HJR SRLV Ki IUXVWUDomR HP VXD IDOWD 1D RULHQWDomR GH REMHWLYRV VHX ILP QmR p PDLV D
UHDOL]DomR GD URWLQD GH WUDEDOKR 1D LQWHUQDOL]DomR H LQVWLWXFLRQDOL]DomR GRV SDSHLV p
LQFXPELGDDRLQGLYtGXRXPDQRYDSRVLomRQDHVIHUDVRFLDO
2 ORXFR FRPR WRGR H TXDOTXHU LQGLYtGXR SRVVXL H DSOLFD WRGRV RV PRGRV GH
RULHQWDomR HP VXD SUySULD LQWHUDomR 2V VHXV DWRV WHP LQWHUHVVH HPRomR FRPSHQVDomR H
SODQHMDPHQWR HQTXDQWR R HJR p LJXDOPHQWH GHSUDYDGR RX JUDWLILFDGR 3RGH KDYHU UHFXVD QD
¾Â
=QP=@K J= EJOLEN=^ZK @A =H?KPP =NOKJO AIECIQJ@ NAQ@AOOAOEOPAI=EJPACN=KN=?EKJ=HENN=?EKJ=H
A JZK N=?EKJ=H ?KIK BKNI=O @= EJPACN=^ZK EJ@ERE@Q=H =K OEOPAI= OK?E=H HAEPQN= BNAQ@E=J= @A =NOKJO OA
NAH=?EKJ= L=NPE?QH=NIAJPA ?KI = LANOKJ=HE@=@A @K EJ@ERd@QK IKPER=@= LAH=LNKFA^ZK@KACKJ=EJPAN=^ZK
O EJOPEJPKO A EILQHOKO AOPZK @EHQd@KO J= KNEAJP=^ZK ?=P`PE?= I=O IAOIK =OOEI JZK OZK >AI
NALNAOAJP=@KO JQI= @EJYIE?= ?QF= aJB=OA `J==>OKN^ZK@AR=HKNAOAJKNI=OATLHKN=^ZKL=NOKJE=J=@A
NAQ@ LK@A OAN AJ?KJPN=@= JK =NPECK K?E=H PNQ?PQNA =J@ PDA ARAHKLIAJP KB ANOKJ=HEPU LQ>HE?=@K AI
¼ÄÀÃ J= OU?DE=PNU =H?KPPK?E=HPNQ?PQNA=J@PDAARAHKLIAJPKBANOKJ=HEPU JOU?DE=PNU
½¼¿¼ÄÀÃLL¾½¼¾¿»

¾¾
LQWHUQDOL]DomR GH SDSHLV JHUDQGR DWULWR HP VHX GLD D GLD H QD FRPXQLGDGH QD TXDO VH LQVHUH
6LPLODUPHQWH VHXV REMHWLYRV RX FRPXQLFDomR SRGHP QmR VHU FRPSUHHQGLGRV DFHQWXDQGR D
LQVDWLVIDomR H GHSUDYDomR SDUD HJR H DOWHU 1HP WRGD FRQGXWD TXH JHUD LQVDWLVIDomR GHYH VHU
FRQVLGHUDGD GHVYLR 0HFDQLVPRV GH FRQWUROH VmR SRVWRV SDUD DSD]LJXDU RX UHODWLYL]DU D
LQWHUDomR LQVDWLVIDWyULD 2 SDSHO H D SHUVRQDOLGDGH GRV HQYROYLGRV SRGH LQFOXVLYH VH DOWHUDU
7RGDYLD VREUH R ORXFR D FDWHJRUL]DomR GH VHX SDSHO H SHUVRQDOLGDGH VmR DWULEXtGRV D QtYHLV
SUpGHWHUPLQDGRVHOLPLWDQWHV
$OWHUDU RX URPSHU R HQFDGHDPHQWR GD LQWHUDomR H D VXD SURSRVLomR SRVLWLYD VREUH RV
LQGLYtGXRV UHFDL HP QRVVR DVVXQWR FHQWUDO GRHQoD H GHVYLR $ FRQVLGHUDomR D VHU IHLWD p D
VHJXLQWH 2V FRPSRUWDPHQWRV GRHQWHV H GHVYLDQWHV SRVVXHP QRYDV LQIOH[}HV VREUH D YLGD GH
RXWUDV SHVVRDV DR VHX UHGRU IDPtOLD WUDEDOKR HVFROD EDLUUR HQWUH RXWURV ,VVR LQFOXL XPD
DOWHUDomR P~OWLSOD GRV SDSHLV H GDV SHUVRQDOLGDGHV GRV HQYROYLGRV DWp TXH R GRHQWH HRX
GHVYLDQWH VH UHVWDEHOHoD 2 QHUYR GR SUREOHPD p D H[SHFWDWLYD GH TXH D QRYD FRQGLomR VHMD
WHPSRUiULD H R UHVWDEHOHFLPHQWR EUHYH VHQmR SRGHULD UHSHUFXWLU HP FRQWtQXD GHSUDYDomR H
VRIULPHQWR DRV HQYROYLGRV 3HOD SHUVSHFWLYD GR VLVWHPD VRFLDO QRYDPHQWH LQGX] GHVJDVWH
VWUDLQ HDQRPLD,VVRVHGiSHODUHODomRHQWUHRVLVWHPDFXOWXUDOHRVRFLDODIRUPDSHODTXDO
RV LQGLYtGXRV LQFRUSRUDP YDORUHV LQVWLWXFLRQDOL]DGRV SRVLFLRQDGRV SHORV SDSHLV H
SHUVRQDOLGDGH
'HVVD PDQHLUD DOpP GD REMHWLYLGDGH VREUH R FRPSRUWDPHQWRVXEMHWLYRQDLQWHUDomRD

QRUPD RFXSD D IXQomR LQWHJUDGRUD GHQWUR RV VLVWHPDV VRFLDO FXOWXUDO H GH SHUVRQDOLGDGH ±
FDWHJRUL]DQGRXPDDERUGDJHPQRUPDWLYDGHFRPSUHHQVmRGDUHDOLGDGHVRFLDO'HIRUPDFRHVD
H SHUWLQHQWH D FRPXQLGDGH VRFLHWiULD p LQWHUOLJDGD SRU DVSHFWRV OLPLDUHV FRP RV GHPDLV

VXEVLVWHPDV -RVp 0DXUtFLR 'RPLQJXHV DILUPDULD TXH DLQGD QHVVH HVWiJLR GH

GHVHQYROYLPHQWR GHVSRQWD XPD LQWHUSHQHWUDomR VLVWrPLFD 7UDoR FDUR j DERUGDJHP DTXL
SUHVHQWH p GHVVD LQWHUSHQHWUDomR IHLWD DV UHODo}HV HQWUH QRUPDV YDORUHV SHUVRQDOLGDGHV H
SDSpLV FDEtYHLV j DYHULJXDomR GDV GLVIXQo}HV VRFLDLV $ GHILQLomR SDUVRQLDQD GHILQH D
¾Ã
AP E>E@AISS
¾Ä
?AN?= @K ?KJ?AEPK @A EJPANLAJAPN=^ZK ?KILNAAJ@E@K LKN KO` =QNd?EKKIEJCQAORE@A
KL?EP½»»Ã¢½»»¼£L¿À
¿»
KJBKNIA @AP=HD=IKO =JPANEKNIAJPA = L=NPEN @K =OLA?PK JKNI=PERK K BQJ?EKJ=H AOPNQPQN=HEOIK
L=NOKJE=JK LKOOQE QI AJ?=@A=IAJPK @= =ILHE=^ZK @K MQ=@NK @A NABANaJ?E= L=NOKJE=JK =K HKJCK @=
LQ>HE?=^ZK @A OQ= K>N= OO= EJPANLAJAPN=^ZK ` QI B=PK @= EJOPEPQE^ZK A NALNAOAJP= = PN=JOE^ZK AJPNA KO
@ERANOKOOEOPAI=O?KHK?=@KOAI?KIL=N=^ZK @AIE>E@AIL¾Ä

¾¿
LQWHUSHQHWUDomR FRPR D DEHUWXUD GR VLVWHPD VRFLDO j LQWHULRUL]DomR H LQVWLWXFLRQDOL]DomR

YDOHQWHV GD PHVPD DPELYDOrQFLD HVWUXWXUDO DQWHULRUPHQWH WUDWDGD (QTXDQWR D LQWHULRUL]DomR
UHPHWH D FRPSUHHQVmR GR LQGLYtGXR GR IXQFLRQDPHQWR VLVWrPLFR SHUWLQHQWH DR VHX SUySULR
GHVHPSHQKR H UHODomR FRP D FRPXQLGDGH VRFLHWiULD RUJkQLFD D LQVWLWXFLRQDOL]DomR
DFRPSDQKD RV FRPSRQHQWHV QRUPDWLYRV GRVVLVWHPDVFXOWXUDLVFRPRHVWUXWXUDVFRQVWLWXWLYDVH

LQWHUOLJDGDV (QIDWL]DPRV DTXL D SHQHWUDomR HQWUH GXDV SRVLo}HV RV FRQMXQWRV VRFLDLV
UHSUHVHQWDQWHV GH XPD WRWDOLGDGH H RV LQGLYtGXRV ,VWR p D LQWHUQDOL]DomR GD QRUPD SHUPLWH D
H[LVWrQFLD GH XPD UHDOLGDGH FROHWLYDPHQWH HVWUXWXUDGD H FRH[LVWHQWH j DomR LQGLYLGXDO
YROXQWDULVWD 6LPXOWDQHDPHQWH R LQGLYtGXR SDUVRQLDQR p LQWHJUDGR DR FROHWLYR VRFLDO

FRDGXQDQGRVXDVLGHLDVHPDQWHQGRROLYUHSHQVDPHQWR
7DO DJUHJDomR QR HQWDQWR QmR DSRQWD LQGtFLRV GD SHUPDQrQFLD GDV VLQJXODULGDGHV RX
VXEMHWLYLGDGHV LQGLYLGXDLV PDV JDUDQWH D SHUPDQrQFLD GD IRUPDomR GH XPD RSLQLmR FROHWLYD
VREUH XP LQGLYtGXR $SyV D LQWHUQDOL]DomR H LQVWLWXFLRQDOL]DomR GR SDSHO GH ORXFR D SHVVRD
HVWi FDWHJRULFDPHQWH DVVRFLDGD jTXHOH SDSHO HQTXDQWR FRQVWLWXWLYR GD VXD SHUVRQDOLGDGH
1HVVD YLVmR R FRPSRUWDPHQWR QRUPDWLYR p OLEHUDO HP SHQVDPHQWR PDV GHWHUPLQLVWD VREUH
SHVVRDV HQTXDQWR VLQWRPDV GR VLVWHPD 6H R SDSHO GH GRHQWH HQTXDQWR ORXFR QmR p UHWLUDGR
SHOD LQVWLWXLomR PpGLFD RX R FRPSRUWDPHQWR DLQGD UHSUHVHQWD RV PHVPRV WUDoRV GHVYLDQWHV
QmRKiUHGHQomRSDUDUHLQWHJUDUVHXVORXFRV
1D UHODomR DQDOtWLFD SDUVRQLDQD ± HQWUH D GLPHQVmR GRV ³TXDGURV GH UHIHUrQFLD´ H RV
³VLVWHPDVFRQFUHWRV´±FDEHXPDGHILQLomRVREUHRGHVYLRWHQGRRDWRURXRVLVWHPDLQWHUDWLYR
HQTXDQWR SRQWRV GH UHIHUrQFLD REVHUYDFLRQDLV 7DO REVHUYDomR VHJXH DV FDUDFWHUtVWLFDV GD
DPELYDOrQFLDGLVSRVWDVDQWHULRUPHQWH
1R SULPHLUR FRQWH[WR R GHVYLR p XPD WHQGrQFLD PRWLYDGDSDUDXPDWRUVHFRPSRUWDU
HP YLRODomR GH XP RX PDLV SDGU}HV QRUPDWLYRV LQVWLWXFLRQDOL]DGRV HQTXDQWR RV
PHFDQLVPRV GH FRQWUROH VRFLDO VmR RV SURFHVVRV PRWLYDGRV QR FRPSRUWDPHQWR GHVVH
DWRU H GRV RXWURV FRP TXHP HOH HVWi HP LQWHUDomR SHOD TXDO HVVDV WHQGrQFLDV DR
GHVYLR WHQGHP D VHU QHXWUDOL]DGDV 1R VHJXQGR FRQWH[WR R GR VLVWHPD LQWHUDWLYR
GHVYLR p D WHQGrQFLD GD SDUWH GHXPRXPDLVGRVDWRUHVFRPSRQHQWHVGHVHFRPSRUWDU
GH PDQHLUD D SHUWXUEDU R HTXLOtEULR GRSURFHVVRLQWHUDWLYR VHMDXPHTXLOtEULRHVWiWLFR

RXPyYHO
¿¼
@AIE>E@AILL¿Â¿Ã
¿½
'20,1*8(6 -RVp 0DXUtFLR 6RFLRORJLFDO 7KHRU\ DQG WKH SUREOHP RI FROOHFWLYH VXEMHFWLYLW\ ZLWK VSHFLDO
UHIHUHQFH WR 0DU[ 3DUVRQV +DEHUPDV DQG *LGGHQV I 7HVH ± /RQGRQ 6FKRRO RI (FRQRPLFV DQG
3ROLWLFDO6FLHQFHLL¼Ã»¼Ã¼
¿¾
=H?KPPLEP½»¼À¢¼ÄÀ¼£L½À»

¾À
$ TXHVWmR VXEMDFHQWH DR FRPSRUWDPHQWR GHVYLDQWH H R FRQWUROH VRFLDO p FRPSUHHQGHU

FRPR RV LQGLYtGXRV GHVYLDP GR FRPSRUWDPHQWR TXDLV VmR DV IRUPDV LQVWLWXFLRQDLV GH
DGDSWDomR GHVVHV GHVYLDQWHV H TXDLV DV LPSOLFDo}HV GR VHX GHVYLR SDUD D VRFLHGDGH 3RUTXH
SDUD 3DUVRQV R GHVYLR FRQVWLWXL WDQWR XPD GDV PDQHLUDV GH WUDQVIRUPDomR VRFLDO FRPR
UHFRQKHFLPHQWR H VDQHDPHQWR GH VXDV PROpVWLDV &DEH SRUWDQWR D FRPSUHHQVmR GD UHODomR
HQWUH R GRHQWH H R ORXFR LQWHUQDPHQWH j FDWHJRULD GHVYLR H FRP RV PHFDQLVPRV
LQVWLWXFLRQDOL]DGRVGHFRQWUROHVRFLDOHVWUXWXUDOIXQFLRQDOLVWD
$ FDWHJRUL]DomR GR GHVYLR QR HVWUXWXUDO IXQFLRQDOLVPR VHJXH SUHUURJDWLYD GH FRPR
HVWUXWXUDV VRFLDLV H[HUFHP LQIOXrQFLD VREUH FHUWRV LQGLYtGXRV FDSD] GH ID]rORV HQJDMDU HP

FRQGXWDV QmR FRQIRUPLVWDV LQYpV GH HP FRQIRUPLGDGH $ H[LVWrQFLD GR GHVYLR H[LJH D
QHFHVVLGDGH GH XPD FRPXQLGDGH VRFLHWiULD IRUQHFHGRUDHUHJXODGRUDGHQRUPDVHYDORUHV7DO
UHODomR p SHQVDGD HQWUH DV RULJHQV GR GHVYLR H D VXD FDWHJRUL]DomR D SDUWLU GH XPD
FRPXQLGDGH VRFLHWiULD SRVWD HP SDUkPHWUR $V FDXVDV GR GHVYLR VmR HQWmR YLVWDV QD VLWXDomR
VRFLDO QR TXDO RFRUUH D GLVIXQomR RX QRV PHFDQLVPRV VRFLDLV TXH D GHVSHUWDP H FRQGX]HP
&RPSOHPHQWDUPHQWH HOH p UHSUHVHQWDWLYR GRV SURFHVVRV GH HVWDELOLGDGH H GHVHVWDELOL]DomR
VRFLDO HQWUH D H[SHFWDWLYD FRQVWUXtGD VREUH DV Do}HV H FRPSRUWDPHQWRV GRV REMHWRV VRFLDLV
DVVLP FRPR D UHODomR FRP D QRUPD ¬ VXD PDQHLUD DDQiOLVHHVWUXWXUDOIXQFLRQDOLVWDGHILQHD

UHODomRHQWUHDFRQIRUPLGDGHHRGHVYLRGHYLGRjVXDLQHUrQFLDDHVWUXWXUDVRFLDO
1mR REVWDQWH D HQWUDGD PHUWRQLDQD DR WHPD FRQVLGHUD R DUUDQMR GH GRLV HL[RV GD
HVWUXWXUD VRFLDO DWUDYpV GRV TXDLV RV LQGLYtGXRV LQWHUDJHP FRP RV PHLRV LQVWLWXFLRQDLV
6LPLODUPHQWH D 7DOFRWW 3DUVRQV D SUHRFXSDomR GH 5REHUW 0HUWRQ VH HUJXH DR UHGRU GDV
FRQGLo}HV VRFLDLV SVLFRORJLFDPHQWH HVSHUDGDV H FXOWXUDOPHQWH DSURYDGDV QD HVWUXWXUDomR GH
¿¿
K>ANPLEP¼ÄÂ»¢¼Ä¿Ä£L¼ÃÁ
¿À
1DGLPHQVmRSDUVRQLDQDpFRPRRSURFHVVRLQWHUDWLYRpHPEDVDGRQDVXDFRPSUHHQVmRGDSHUVRQDOLGDGHHQR
GHVHQYROYLPHQWRGRVSDSpLVLQGLYLGXDLV&RQYHUJLPRVQHVWHHQTXDQWRSRQWRIXQGDPHQWDOGHULYDGRGDWUDQVLomR
HQWUHDVREUDVGHH
3DUD 3DUVRQV VHJXQGR R VHX PpWRGR DQDOtWLFR H HVVHQFLDOPHQWH REMHWLYR VREUH D RUJDQL]DomR GDV UHODo}HV RV
LQGLYtGXRV HJR H DOWHU SRVVXHP XPD SHUVRQDOLGDGH UHJXODGRUD VREUH DV VXDV H[SHFWDWLYDV RULHQWDo}HV HP
KDUPRQLD RX FRQIOLWDQWHV QD UHODomR H GXDV GLVSRVLo}HV ² VHQGR EHPVXFHGLGR QD VXD LQWHUDomR REWHQomR GH
JUDWLILFDomR HHYLWDQGRRVHXGHVIDYRUHFLPHQWR HYDVmRGDGHSUHFLDomR 2LPSRUWDQWHSDUD3DUVRQVDTXLpFRPR
D FDWHJRUL]DomR GDV GLUHo}HV GD RULHQWDomR QDLQWHUDomRHQWUHRVREMHWRVVRFLDLVIRUQHFHPPHFDQLVPRVDQDOtWLFRV
SDUD PDSHDU D LQWHJUDomR LQGLYLGXDO 2X GH IRUPD PDLV LPSRUWDQWH TXHP VmR DTXHOHV TXH GHVYLDP GD QRUPD
HRX GRV YDORUHV DIHWDQGR D RULHQWDomR GH RXWURV LQGLYtGXRV H DUDFLRQDOLGDGHGDHVWUXWXUDVRFLDO6HQGRHVWHXP
GRV ULVFRV VRFLDLV GR GHVYLR 0(5721 5REHUW 2S &LW >@ S 3$56216 7DOFRWW 2S &LW
>@S

¾Á

XPD LQWHJUDomR QRUPDOL]DGD $ IXQGDPHQWDomR GH XP IXQFLRQDOLVPR HPStULFR PHUWRQLDQR
VXJHUHWDPEpPDVXEVWLWXLomRGRHVTXHPDDQDOtWLFRSDUVRQLDQRSHODVWHRULDVGHPpGLRDOFDQFH

'D HVWUXWXUD VRFLDO H FXOWXUDO VmR HOHLWRV GRLV HOHPHQWRV IXQFLRQDLV DR GHVHPSHQKR
LQGLYLGXDO H DR FRPSRUWDPHQWR DVVRFLDGR DV QRUPDV LQVWLWXFLRQDLV H RV REMHWLYRV FXOWXUDLV
(P WDO LQWHUSUHWDomR DV QRUPDV FRUUHVSRQGHP DRV YDULDQWHV PRGRV DFHLWiYHLV SHORV TXDLV RV

LQGLYtGXRV DJHP VRFLDOPHQWH SDUD DWLQJLU DV PHWDV FXOWXUDLV HVWDEHOHFLGDV H GHVHMDGDV $V
SUHVV}HV VREUHSRVWDV DRV REMHWRV VRFLDLV SRGHP DEDODU R HTXLOtEULR HQWUH R HVWtPXOR SDUD
DWLQJLU ILQV FXOWXUDOPHQWH DSODXGLGRV H D SURVVHFXomR GDV UHJUDV VRFLDLV OHYDQGR jV
FRQFHSo}HVDQ{PLFDVGRGHVYLRPHUWRQLDQRTXHDERUGDUHPRVDGLDQWH
1HVVD OLQKD VLJDPRV R VHJXLQWH UDFLRFtQLR 'XUDQWH R VHX FUHVFLPHQWR VREUH R
LQGLYtGXR p HVSHUDGD VRFLDOPHQWH D VXD LQWHJUDomR DRV VXEVLVWHPDV GD DomR SHOR H[HUFtFLR GH
SDSHLVPDQXWHQomRGRVYDORUHVFXOWXUDLVHFRQIRUPLGDGHjH[SHFWDWLYDFXOWXUDOHLQVWLWXFLRQDO
6H HP *HRUJH +HUEHUW 0HDG D WRPDGD GH SDSpLV HVWi DWUHODGD DR UHFRQKHFLPHQWR GR HX QR
RXWUR H VXMHLWD j VLWXDomR H[SRVWD HP LQWHUDomR SDUD 3DUVRQV pWUDoDGDHPUHODomRLQHUHQWHjV
P~OWLSODVH[SHFWDWLYDVGHSDSHOVREDVTXDLVVmRPROGDGRVRVLPSXOVRVLQGLYLGXDLV
$R ORQJR GD YLGD GR LQGLYtGXR GHVGH D LQIkQFLD j YLGD DGXOWD FHUWRV SDSpLV ±
GLVWULEXtGRV HQWUH DV HVIHUDV GH DWXDomR GHVWH GD VH[XDOLGDGH DR GHVHPSHQKR SURILVVLRQDO ±
VmR UHSUHVHQWDWLYRV GD LQWHUSHQHWUDomR $ QmR FRQIRUPLGDGH DRV DVSHFWRV LQWHJUDWLYRV ±
¿Á
5REHUW.6RFLRORJLD±7HRULDH(VWUXWXUD6mR3DXOR0HVWUH-RX>@L½»¿
¿Â
LEP½»»Ã¢½»»¼£LL¾Ä¿¼
¿Ã
$FHUFD GDV WHRULDV GH PpGLR DOFDQFH HOHQFDPRV 5REHUW .LQJ 0HUWRQ FRPR XPGHVHXVSULQFLSDLVH[SRHQWHV
8WLOL]DGD QD VRFLRORJLD SDUD VHUYLU GH JXLD jV SHVTXLVDV HPStULFDV HOD p GHQRPLQDGD GH PpGLR DOFDQFH SHOD
UHODomR TXH HVWDEHOHFH FRP RV RXWURV GRLV HL[RV WHyULFRV RPLFURVVRFLROyJLFR±HVSHFLDOPHQWHRLQWHUDFLRQLVPR
GH *HRUJH 0HDG ±HDVJUDQGHVQDUUDWLYDVWHyULFDVFRPSDVVDGDVWDQWRSHORVLVWHPDDQDOtWLFRSDUVRQLDQRFRPRR
PDWHULDOLVPR KLVWyULFR $V WHRULDV GH PpGLR DOFDQFH SHUPLWHP DEVWUDo}HV QHFHVViULDV jDSUR[LPDomRFRPGDGRV
HPStULFRV REMHWLYDQGR D VXD LQFRUSRUDomR HP WHVWHV HPStULFRV SDUD FRPSUHHQVmR GH DVSHFWRV OLPLWDGRV GRV
IHQ{PHQRV VRFLDLV ³)DODVH GH XPD WHRULD GH JUXSRV GH UHIHUrQFLD GH PRELOLGDGH VRFLDO GH FRQIOLWRV GH
GHVHPSHQKRV GH SDSpLV H GH IRUPDo}HV GH QRUPDV VRFLDLV H[DWDPHQWH FRPRVHIDODVVHGHXPDWHRULDGHSUHoRV
XPD WHRULD GRV JHUPHV GDV GRHQoDV RX XPD WHRULD FLQpWLFD GRV JDVHV´ 0(5721 5REHUW . 2S &LW
>@ SS 8PDGLIHUHQFLDomRGHYHVHUHVWDEHOHFLGDIUHQWHDRVLVWHPDDQDOtWLFRSDUVRQLDQR7DQWR0HUWRQ
FRPR 3DUVRQV SRGHP VHU FRQVLGHUDGRV FRPR GHFRUUHQWHV GH XP FKDPDGR ³IXQFLRQDOLVPR QRUPDWLYR´ GDGD D
rQIDVH GD QRUPD HP VXDV SRVWXODo}HV WHyULFDV $ SUHRFXSDomR SDUVRQLDQD p D IRUPDOL]DomR GH XP HVTXHPD
WHyULFR QRTXDORVREMHWRVGHDQiOLVHQRVIHQ{PHQRVVRFLDLVLGHQWLILFDGRVSRGHULDPVHUHQFDL[DGRVHUHODFLRQDGRV
DQWH XPD HVWUXWXUD DQiORJD ,VVR SRVVXL tQWLPD UHODomR FRP D QHFHVVLGDGH GH IRUPXODomR GRV TXDGURV GH
UHIHUrQFLDSDUVRQLDQRVQ¶26LVWHPD6RFLDO
¿Ä
0(57215REHUW.6RFLDO6WUXFWXUHDQGDQRPLH$PHULFDQ6RFLRORJLFDO5HYLHZYRO SS
ÁÂ½ÁÂ¿LEP¼ÄÂ»¢¼Ä¿Ä£LL½»À½»Â

¾Â
FXOWXUDLV QRUPDWLYRV H HFRQ{PLFRV ± OHYDULD VLP DR HQTXDGUDPHQWR GHVVH VXMHLWR DRGHVYLR
HPIXQomRGDGLVIXQomRDSDUHQWHHPFRPSRUWDPHQWRLQWHUDWLYR
$ SDUWLU GD H[SDQVmR GD RUJDQL]DomR GRV SDSpLV SUHYLVWD HP 3DUVRQV 5REHUW 0HUWRQ
H[SDQGH D H[SOLFDomR SDUD RV DUUDQMRV VRFLDLV H RV UyLVGHSHUVRQDOLGDGHDWULEXtGDDSDUWLUGRV
SDSHLV UHDOL]DGRV $SyV D FUtWLFD j H[SRVLomR GH 7DOFRWW 3DUVRQV HP 5REHUW 0HUWRQ
SURS}HDVHJXLQWHDERUGDJHPDRVUROHVHWV
$ WHRULD GRV UROHVHWV FRPHoD FRP R FRQFHLWR GH TXH FDGD VWDWXV VRFLDO HQYROYH QmR
XP ~QLFR SDSHO DVVRFLDGR PDV XPD YDULHGDGH GH SDSpLV (VVD FDUDFWHUtVWLFD GD
HVWUXWXUDVRFLDOGiRULJHPDRFRQFHLWRGHFRQMXQWRGHSDSpLVDTXHOHFRPSOHPHQWRGDV
UHODo}HV VRFLDLV QDV TXDLV DV SHVVRDV HVWmR HQYROYLGDV VLPSOHVPHQWH SRUTXH RFXSDP

XPVWDWXVVRFLDOHVSHFtILFR 7UDGXomR1RVVD
5HYHODVH DFLPD D SHUFHSomR GR SHUWHQFLPHQWR DR VXEVWUDWR VRFLDO GH IRUPD P~OWLSOD
VHQmR SHOD UHODomR TXH P~OWLSODV SHUVRQDOLGDGHV GHWpP QR GLUHFLRQDPHQWR H DSRLR GH
LQVWLWXLo}HV VRFLDLV SDUD R DPSDUR GD QRUPD 7DO DUJXPHQWRSHUPLWLULDTXHFHUWRVJUXSRVHRX
LQGLYtGXRV HP QmR FRQIRUPLGDGH IRVVHP HQGRVVDGRV SRU FHUWDV LQVWLWXLo}HV VRFLDLV PDV QmR
SRU RXWUDV 7UDWDVH HVWH GH XP SRQWR SULPiULR GH GLVWLQomR HQWUH QmR FRQIRUPLGDGH
LQVWLWXFLRQDO H GHVYLR WHQGR HP YLVWD TXH SDUD 0HUWRQ R GHVYLR SRVVXL FDUDFWHUtVWLFDV
DQ{PLFDV H WDO FRPR 3DUVRQV DWUHODGD D FRPSRQHQWHV PRUDLV GR VLVWHPD GH YDORU H
GLIHUHQFLDomR TXDQGR R LQGLYtGXR QmR FRUUHVSRQGH j UHDOL]DomR GH REMHWLYRV VRFLDLV HP VXD

FRQGXWD
7HQGR SRU H[HPSOR HP DPEDVDVREUDVDKRPRVVH[XDOLGDGHpH[SOLFLWDPHQWHQRWH[WR
GH 3DUVRQV XP GHVYLR j QRUPD H H[SHFWDWLYD GH SDSHO UHODFLRQDGRV DRV YDORUHV DWULEXtGRV QD

LQIkQFLD (VVH IDWRU QmR SDUHFH WHU VLGR GLJQR GH DQRUPDOLGDGH WHQGR HP YLVWD TXH
À»
K>ANP J DAKNAPE?=H K?EKHKCU AS KNG DA NAA NAOO LL ¾Ä¿¾ K ?KJOE@AN=N =
LNjLNE= =?AEP=^ZK @A =NOKJO @= ?KILNAAJOZK IANPKJE=J= =?AN?= @KO L=LÈO A @= NA=HEV=^ZK@AK>FAPERKO
AI IAEK W ATLA?P=PER= OK?E=H OAJ@K =OOEI =K ?=N=?PANEV=NIKO = =>KN@=CAI BQJ?EKJ=HEOP=OK>NAKYI>EPK
@= LANOKJ=HE@=@A @=IKO LNABANaJ?E= W BQJ@=IAJP=^ZK IANPKJE=J= OAJ@K AOP= LNA@KIEJ=JPA =LjO K
@A>=PA ?KI =NOKJO AT?A^ZK OA NARAH= JK ?=OK @= =JXHEOA @APE@= @= PAKNE= OK?E=H A @K =H?=J?A @=
@ABEJE^ZK@A=NOKJOOK>NAL=LAH
À¼
BK>ANPLEP¼ÄÂ»¢¼Ä¿Ä£LL¼ÂÁ¼ÃÀ¼Ä»A¼Ä¿
À½
1DV SDODYUDV GH 7DOFRWW 3DUVRQV H (GZDUG 6KLOV³%XWHYHQZKHUHWKHUHLVVXFKDQREYLRXVELRORJLFDOSRLQWRI
UHIHUHQFHDVLQWKHFDVHRIVH[LWLVFOHDUWKDWVHOIFDWHJRUL]DWLRQPXVWEHOHDUQHGLQWKHFRXUVHRIWKHVRFLDOL]DWLRQ
SURFHVV DQG WKH SURFHVV LV RIWHQ YHU\ FRPSOH[ DQG WR VRPH GHJUHH WKH LQGLYLGXDO PXVWOHDUQWRµVHHKLPVHOIDV
RWKHUV VHH KLP¶ WKDW LV WR DFFHSW WKH VRFLDOO\ JLYHQ GHILQLWLRQ RI KLV VWDWXV (YHQ LQ WKH FDVH RI VH[ FHUWDLQO\
DPRQJ FKLOGUHQ IDQWDVLHV RI EHORQJLQJ WR WKH RSSRVLWH VH[ DUH YHU\ FRPPRQ DQGWKHUHLVUHDVRQWREHOLHYHWKDW
RQ GHHSHU OHYHOV WKHVH IDQWDVLHV PD\ UHIOHFW D VHULRXV GLIILFXOW\ LQ DFFHSWLQJWKHPHPEHUVKLSLQWKHVH[JURXSWR
ZKLFK WKH LQGLYLGXDO KDV EHHQ ELRORJLFDOO\ DVFULEHG 6XFK SDWKRORJLFDO SKHQRPHQD LQGLFDWH WKDW FDWHJRUL]DWLRQ
HYHQ E\ VH[ LV QRW VLPSO\ JLYHQ ZLWK WKH DQDWRPLFDO VWUXFWXUH RI WKH RUJDQLVP EXW KDV WR EH EXLOW LQWR WKH

¾Ã
KRPRVVH[XDOLGDGH IRL FRQVLGHUDGR GLVW~UELR PHQWDO DWp SHOR 'LDJQRVWLF DQG 6WDWLVWLFDO

0DQXDO RI 0HQWDO 'LVRUGHUV $R FRQVLGHUDUPRV D LQWHUSHQHWUDomR HQWUH D IRUPDomR GR
LQGLYtGXR SHOD VXD LQWHJUDomR QD FRPXQLGDGH VRFLHWiULD H IRUPXODomR GH REMHWLYRV
DOFDQoiYHLV 3DUVRQV DILUPDULD VREUH D HVWUXWXUD GR VLVWHPD GH SHUVRQDOLGDGH ³$ EiVLFD
HVWUXWXUD GH GLVSRVLomR GDV QHFHVVLGDGHV QD TXDO D PRWLYDomR SDUD RV SDSpLV IDPLOLDUHV GRV

DGXOWRVVHFRQVWUyLpGHVHQYROYLGDQRFRQWH[WRGRVDSHJRVGDLQIkQFLD´
(QWUH DPERV RV DXWRUHV p FRQVWUXtGR R VLVWHPD GH SHUVRQDOLGDGH SURYLGR GRV
FRPSRQHQWHVHVWUXWXUDLVDQWHULRUPHQWHUHIHULGRV$SUR[LPiYHOjOHLWXUDPHUWRQLDQD
3RGHVHSRUWDQWRFRQFOXLUWHQWDWLYDPHQWHTXHDFULDQoDHVWiWDPEpPODERULRVDPHQWHRFXSDGD
HP GHVFREULU H DJLU FRQIRUPH RV SDUDGLJPDV LPSOtFLWRV GD DYDOLDomR FXOWXUDO GH
FDWHJRUL]DomRGDVSHVVRDVHGDVFRLVDVHGHIRUPDomRGDVPHWDVGLJQDVGHHVWLPDDVVLPFRPR
DVVLPLODQGR D RULHQWDomR FXOWXUDO H[SOtFLWD EDVHDGD QD LQILQLWD FRUUHQWH GH RUGHQV

H[SOLFLWDo}HVHH[RUWDo}HVDHODGLULJLGDVSHORVSDLV >*ULIRVGRDXWRU@

,VWR p IHLWR D SDUWLU GD JDUDQWLD GHXPDVROLGDULHGDGHLQWHUQDDOFDQoDGDSHODLQWHJUDomR
HFROyJLFD GRV LQGLYtGXRV HP WRUQR GH XP VLVWHPD GH YDORUHV FRPXQV 7DOFRWW 3DUVRQV H
(GZDUG 6KLOVGHILQLULDPHVVDLQVWLWXFLRQDOL]DomRDWUDYpVGDIRUPDFRPRVHFRQVROLGDRSDGUmR
GH FRPSRUWDPHQWR HP UHODomR D GHWHUPLQDGDV FRQGXWDV H j DGDSWDomR LQGLYLGXDO VREUH WDLV

YDORUHV

6REUH R GRHQWH UHFDLULD R FKDPDGR SDSHO GR GRHQWH VLFN UROH D DWULEXLomR GH XP
FRPSRUWDPHQWR GHVYLDQWH SHOR QmR FXPSULPHQWR GH VHXV SDSHLV HVSHUDGRV SRUpP HP G~ELD
SHUVRQDOLW\ )DLOXUH IRU LW WR ZRUN RXW IXOO\ LV YHU\ SUREDEOH DQ LPSRUWDQW FRPSRQHQW LQ DW OHDVW VRPH W\SHV RI
KRPRVH[XDOLW\´3$56216HW6+,/62S&LW>@S
À¾
KQ E=CJKOPE?=J@P=PEOPE?=H=JQ=HKBAJP=HEOKN@ANO`QII=JQ=HAOP=@QJE@AJOA=HEIAJP=@K
LAH= K?EA@=@A IANE?=J= @A OEMQE=PNE= ¡ ATEOPAJPA @AO@A ¼ÄÀ½ AJMQ=JPK ?=PXHKCK @A @EOPqN>EKO
IAJP=EO AH= LANOLA?PER= AOPNQPQN=H OK?EKHjCE?= AHA ?KJBECQN= QI K>FAPERK ?KILHAIAJP=N WMQAHA
NALNAOAJP=@K LAH= = H=OOEBE?=^ZK JPANJ=?EKJ=H @A KAJ^=O JMQ=JPK K LNEIAENK ?KNNAOLKJ@A =K
@E=CJjOPE?K@=O@KAJ^=OIAJP=EOJKIQJ@KKqHPEIK`=OQ=?K@EBE?=^ZK=LNKTEI=PjNE=
À¿
B=H?KPPLEP¢¼ÄÀ¼£½»¼ÀLL¼À¿¼ÀÂ @AIE>E@AIL¼ÀÂ
ÀÀ
0(57215REHUW.2S&LW>@SS
ÀÁ
3$56216HW6+,/62S&LWSS

$ QRomR GH DWULEXLomR HVWUXWXUDO IXQFLRQDOLVWD VH UHIHUH j GLVWULEXLomR GH SDSpLV H D IRUPDOL]DomR GH XPD
H[SHFWDWLYD VRFLDO VREUH R FXPSULPHQWR GH WDLVSDSHLV³$WULEXLomR´pXPDWUDGXomRGRWHUPR³DOORFDWLRQ´HWHP
FRUUHVSRQGrQFLD QR VXEVLVWHPD HFRQ{PLFR QR TXDO RV SDSHLV VmR GHVHQYROYLGRV $ QRUPD H RV SDSHLV HVWmR
UHODFLRQDGRV DR VLVWHPD HFRQ{PLFR6HJXLUHPFRQIRUPLGDGHVHJXQGRDQRUPDQDWHRULDSDUVRQLDQDpFRQGX]LUR
VHX SDSHO GH DFRUGR QD HVIHUD GR WUDEDOKR H GD UHFRPSHQVDomR &I 3$56216 HW 6+,/6 2S &LW
(QTXDQWR WDO YLpV IRL DSURIXQGDGR H GLUHFLRQDGR SRU 3DUVRQV HP DSyV D SDGURQL]DomR GR 6LVWHPD $*,/
VXDV FDUDFWHUtVWLFDV MiGHVSRQWDPQ¶26LVWHPD6RFLDO0DWWKLDV=LFN9DUXODSURIXQGRXRYtQFXORHQWUHRVLFNUROH
H VXD LPSOLFDomR VREUH D DORFDomR GH SDSHLV QD HVIHUD HFRQ{PLFD &I 9$58/ 0DWWKLDV=LFN7DOFRWW3DUVRQV
WKH6LFN5ROHDQG&KURQLF,OOQHVV,Q%RG\ 6RFLHW\YROQRSS

¾Ä
FRQIRUPLGDGH FRP QRUPDV H YDORUHV 8PD UHODomR VXEyWLPDQRkPELWRGDLQWHJUDomRRSDSHO

GR GRHQWH p WDQWR XP UHWUDLPHQWR QD SHUVSHFWLYD LQWHUDFLRQLVWD TXDQWR XP FRPSRUWDPHQWR
GLVIXQFLRQDO HP GHVFXPSULPHQWR GR VLVWHPD LQWHUDWLYR ± DLQGD TXH QRUPDWLYDPHQWH

LQVWLWXFLRQDOPHQWHDXWRUL]DGR
(QWUH 3DUVRQV H 0HUWRQRGRHQWHHRORXFRSRVVXHPFRQFDWHQDo}HVDSUR[LPDQGRHVWH
GD GHILQLomR SUD[HROyJLFD GH GRHQoD PHQWDO FRPXP DR GHEDWH HVWUXWXUDO IXQFLRQDOLVWD H

LQWHUDFLRQLVWD VLPEyOLFR DR PHQRV HQWUH DV GpFDGDV GH H 2 SDSHO GR ORXFR
HQTXDQWR GHVYLDQWH UHDILUPDULD XPD LQFDSDFLGDGH DR OLGDU FRP DV H[SHFWDWLYDV IRUPDLV
LQVWLWXFLRQDLV QD OyJLFD IXQFLRQDOLVWD $ SURSRVLomR HVWUXWXUDO IXQFLRQDOLVWD FRPSUHHQGH TXH
WDLV IDWRUHV WUDQVLWDULDP HQWUH DVSHFWRV QHXUDVWrQLFRV RX SVLFRVVRPiWLFRV ± GHULYDGRV GRV
VLVWHPDVGHSHUVRQDOLGDGHHVRFLDOSRUWDQWR2VPHFDQLVPRVREMHWLYRVSHUPDQHFHPLQIOXHQWHV
VREUH R LQGLYtGXR YLGH D IXQomR H IXQFLRQDPHQWR GD QRUPD HP FDUiWHU DPELYDOHQWH 6RE D
QRPHQFODWXUD IXQFLRQDOLVWD D FDUDFWHUL]DomR HQWUH R ORXFR H R GRHQWH VH DSUR[LPD PDV D
UHODomR FRP D QRUPD p IHLWD GH IRUPD GLVWLQWLYD 2 GRHQWHSRVVXLDQRUPDLQWHUQDOL]DGDVREUH
VL PHVPR DOpP GH RFXSDU R SDSHO GH IRUPD WHPSRUiULD ± VHP ULVFR GH QXOLGDGH GRV GHPDLV
SDSHLV UHSUHVHQWDGRVSRUVL$PHVPDWUDQVLWRULHGDGHMiQmRSRGHVHUDILUPDGDVREUHRORXFRD
SDUWLUGHWDODSRUWHWHyULFR
)D]VH VHPSUH j QRUPD D FRQGXWD DEHUUDQWH 6HMD HQWUH RV GHOLQTXHQWHV RV
KRPRVVH[XDLV RX SVLFyWLFRV R QRUPDO HVWUXWXUDO HVWDEHOHFH DV EDVHV H DV IRUPDV GH
LGHQWLILFDomR H GLIHUHQFLDomR LQGLYLGXDO $SHVDU GDV DOHJDo}HV GD PDQLIHVWDomR GH XPD
VXEMHWLYLGDGH LQWHUQD DR FRQYtYLR YLVXDOL]DPRV XP GHVYLR WUDQVLWLYR HQWUH XPD HVWUXWXUD
VRFLDOKRPyORJDDRGHVYLDQWHHODPSHMRVGHXPDDYHUVmRDVXDH[LVWrQFLD
1XPD PmR D PRWLYDomR GR LQGLYtGXR p UHJXODGD SHOD LQWHUSUHWDomR DEVWUDWD GD
UHDOLGDGH DOLDGD DV VXDV LQWHUDo}HV FRQFUHWDV FRP R PHLR VRFLDO 1RXWUD GLVFXWHVH DFHUFDGD
RULJHPHVXEMHWLYLGDGHGRVXLFtGLRHGDGRHQoDPHQWDODRVLQGLYtGXRV

,,, 2VIXQGDPHQWRVVREUHR'HVYLRHR/RXFR

3$562162S&LW>@SS

5HIHULPRV DTXL D DVVRFLDomR HQWUH RV WHUPRV ³LOOQHVV´ H ³PHQWDO LOOQHVV´ FRPRVHTXHQFLDOHUHSHWLGDPHQWHVmR
XWLOL]DGDV QDV ELEOLRJUDILDV IXQFLRQDOLVWDV OLGDV DWp R PRPHQWR ³0HQWDO LOOQHVV´ pDQRPHQFODWXUDSUHIHULGDHP
WRGDDREUDDSUHHQGLGDSDUDGHVLJQDomRHGLIHUHQFLDomRHPUHODomRDRGRHQWH

¿»

$R WUDWDUPRV LQLFLDOPHQWH G¶$ (VWUXWXUD GD $omR 6RFLDO D QRUPD H R YDORU SRUWDP
DVSHFWRV GDV WHRULDV VLQWHWL]DGDV SRU 3DUVRQV ± YLGH ePLOH 'XUNKHLP H 9LOIUHGR 3DUHWR ±
DVVLP FRPR D VXD GLVIXQFLRQDOLGDGH HQTXDQWR DQRPLD DQRUPDOLGDGH RX UHVtGXR H GHULYDomR
UHSUHVHQWDQGRULVFRHDGDSWDomRDRUJDQLFLGDGH
1¶2 6XLFtGLR ePLOH 'XUNKHLP LQYHVWLJD R VXLFtGLRHQTXDQWRXPDSDWRORJLDVRFLDODR
ODGR GD FULPLQDOLGDGH H UHSUHVHQWDWLYDV GH XP GHVYLR VRFLDO 2 VXLFtGLR QmR p H[SOLFDGR
VRPHQWH SRU IDWRUHV QHXUDVWrQLFRV VHJXQGR 'XUNKHLP FRPR SRUIDWRUHVLQWHUQRVjVRFLHGDGH

H H[WHULRUHV DR LQGLYtGXR 5HVSDOGDQGRQRV QDV VRFLHGDGHV LQGXVWULDOL]DGDV GHWHQWRUDV GH
VROLGDULHGDGH RUJkQLFD R VXLFtGLR p XP LQGLFDGRU GH VHX HVWDGR PRUDO H GDV SUHVV}HV
VXEMHWLYDV H REMHWLYDV GR PHLR VRFLDO VREUH R FRUSR VRFLDO $GHQWUDVH DVVLP QD GLPHQVmR
GXUNKHLPQLDQD GH DQRPLD H D LQVWDELOLGDGH SURYRFDGD VREUH D HVWUXWXUD VRFLDOSURYRFDWLYDGH
XP FUHVFLPHQWRGHVSURSRUFLRQDOGRVFDVRV$QRVVDSUHRFXSDomRpDPELYDOHQWHUHODWLYDWDQWR
jV GLVSRVLo}HV RUJkQLFR SVtTXLFDV QHXUDVWrQLFDV FDXVDGRUDV GDV SDWRORJLDV VRFLDLV TXDQWR j
GHILQLomRGHDQRPLD
3DUD R VRFLyORJR IUDQFrV D ORXFXUD p HP VL SXUDPHQWH LQGLYLGXDO H XP IHQ{PHQR

VRFLDO $R FRQVLGHUDU R VXLFtGLR FRPRXPDGRHQoDVXLJHQHULVUHIRUoDGDHJHUDGDSHORPHLR

VRFLDO HOD p GLVWDQFLDGD GRV GLVW~UELRV GH SHUVRQDOLGDGH H HVWDEHOHFLGD FRPR VRFLRJrQLFD
1D GHILQLomR GXUNKHLPQLDQD ³WRGRV RV VXLFtGLRV YHVkQLFRV RX VmR GHVSURYLGRV GH TXDOTXHU

PRWLYR RX VmR GHWHUPLQDGRV SRU PRWLYRV SXUDPHQWH LPDJLQiULRV´ $RFDWHJRUL]DUDGRHQoD
PHQWDO FRPR DOJR SDUWLFXODU H VXESRVWR DR VXLFtGLR ± LVWR p QmR FODVVLILFDWyULR DLQGD TXH
FDWHJRULFDPHQWH FRQGLFLRQDGR ± 'XUNKHLP VRPHQWH RV DSUR[LPD PRPHQWDQHDPHQWH &RP
ILP FODUR QHP WRGR ORXFRpVXLFLGDQHPWRGRVXLFLGDpORXFRPDVKiFDPLQKRVQRHQWUHPHLR
FXMR DOFDQFH GD VRFLRORJLD p OLPtWURIH 7RGR ORXFR H WRGR VXLFLGD WRGDYLD VmR VLP
GHVYLDQWHV
'85.+(,0ePLOH26XLFtGLR6mR3DXOR0DUWLQV)RQWHV>@L¼À¼Â
Á»
Á¼
'85.+(,0ePLOH,ELGHPS
Á½
KDPDGR GH VXLFtGLR YHVkQLFR DV FDXVDV GH VXLFtGLR SURYRFDGDV SHOD ORXFXUD VmR GLYLGLGDV HQWUH TXDWUR
VLWXDo}HV , ± 6XLFtGLR PDQtDFR ,, ± 6XLFtGLR PHODQFyOLFR ,,, ± 6XLFtGLR REVHVVLYR H ,9±6XLFtGLRLPSXOVLYR
$OXFLQDo}HV GHOtULR HVTXL]RIUHQLD H[WUHPDGHSUHVVmRREVHVVmRVXLFLGDHPHVWiJLRPDUWLUL]DQWHWRGDVHVVDVVmR
LGpLDV DWUHODGDV SRU 'XUNKHLP D XP FRPSRUWDPHQWR QmR PHQWDOPHQWH VDXGiYHO H LVRODGDV GDV DIHLo}HVVXLFLGDV
GHXPLQGLYtGXRQRUPDOHQRUPDOL]DGR,GHPLELGHPSS
Á¾
@AIE>E@AIL¿¿

¿¼
0DV TXDQGR VH WUDWD GH DGDSWDU D VLWXDo}HV WUDGLFLRQDLV FRPELQDo}HV LPSURYLVDGDV
QmR SRGHP SUHYDOHFHU VREUH DV FRQVDJUDGDV SHOD H[SHULrQFLD QD PDLRULD GDV YH]HV
« HODV IUDFDVVDP $VVLP TXDQWR PDLV IL[LGH] WHP R VLVWHPD VRFLDO PDLV XP

LQGLYtGXRFRPWDOPRELOLGDGHWHPGLILFXOGDGHSDUDYLYHUQHOH
6REUH ORXFRV VXLFLGDV GHVYLDQWHV H GHPDLV GHVDMXVWDGRV D DQRPLD GXUNKHPQLDQD
H[HUFH SUHVV}HV VRFLDLV FDSD]HV GHDFHQWXDUDVSDWRORJLDVVRFLDLVDWUDYpVGRDIURX[DPHQWRGDV

UHJUDV H GD HVWUXWXUD VRFLDO FRQGLFLRQDQWH VREUH RV LQGLYtGXRV -XVWLILTXHPRV ePLOH
'XUNKHLP FRQVLGHUD TXH DV HVWUXWXUDV VRFLDLV H[HUFHP PDLRU SUHVVmR VREUHRVLQGLYtGXRVTXH
VH HQFRQWUDP HP GHVDMXVWH PHQWDO H PRUDO HP UHODomR j VRFLHGDGH 7HPRV SRUWDQWR XPD
GLVVRFLDomRHQWUHRORXFRHRGHVYLDQWH
ÊPLOH 'XUNKHLP WRGDYLD QmR MXVWLILFDDQHFHVVLGDGHGDDQRPLDRXGRGHVJDVWHSDUDR
HTXLOtEULR VRFLDO 7DO FRPR R VXLFtGLR HOHV VmR IDWRUHV H[LVWHQWHV QD VRFLHGDGH H GHYHP VHU
VDQDGRV FRPR WDO FXOPLQDQGR QXPD GLYHUJrQFLD VREUH D LQWHUSUHWDomR GH 7DOFRWW 3DUVRQV H
5REHUW 0HUWRQ 1mR Ki XP TXDGUR GH UHIHUrQFLD GXUNKHLPQLDQR Ki D DQiOLVHGHIDWRVVRFLDLV
EDVHDGRV HP GDGRV HVWDWtVWLFRV H DJUXSDPHQWRV VRFLDLVSDUWLFXODUPHQWHUHOHJDGDSRU3DUVRQV
3DUD HVWH p LPSRUWDQWH PDQWHU R TXHEUD FDEHoD LQWDFWR VHQGR R TXHEUD FDEHoD D VRFLHGDGH
HQWUH DV VXDV FDPDGDV $ IRUPD DJUHJDWLYD GH VXD WHRULD GLILFXOWD D DVVRFLDomR GH YDORUHVHP
EDL[D FRQIRUPLGDGH FRP R VLVWHPD VH D HVWDELOLGDGH p DOPHMDGD HOD pUHIRUoDGDGHGLVWLQWDV
PDQHLUDV 3DUD 'XUNKHLP D IUDJLOL]DomR GH XP FRQWUROH VRFLDO QRUPDWLYR H GH PHGLGDV
DXWRFUiWLFDV GH JRYHUQDU WUDQVIRUPDP RUJDQLFDPHQWH R PHLR VRFLDO ID]HP R PXQGR PDLV
DSUD]tYHOGHVHFRQYLYHUHHQJDMDU'HVVDPDQHLUDRVHXFRQFHLWRGHDQRPLDpWUDQVIRUPDGR
)DWRU UHJXODU H FRQVWDQWH VREUH D HVIHUD GD YLGD VRFLDO D DQRPLD GXUNKHPQLDQD
HPEUHQKD D SHUGD GH XP FRQWUROH VRFLDO VREUH RV DVSHFWRV PRUDLV GHILQLGRUHV GD LQWHJUDomR
VLVWrPLFD 2V YDORUHV SUHVHQWHV QD VRFLHGDGH VHUYLULDP SDUD FRQWHU XP GHVFRQWUROH GH DWRV
YDORUDWLYRV DOKHLRV DR VRFLDO ± R GHVHMR H R SUD]HU GHVUHJUDGR GR ORXFR SRU H[HPSOR
$FHQWXDQGR D SHUGD GH XPD PRUDOLGDGH D DQRPLD DJXGD RX FU{QLFD VH HVWDEHOHFH QR PHLR

VRFLDOHFRPRXPGRPLQyYLOLSHQGLDDVLQVWLWXLo}HVSRVWDVHPFRQWUROH
Á¿
@AIE>E@AIL¿Ä
ÁÀ
'XUNKHLP DILUPDULD TXH ³7RGD UXSWXUD GH HTXLOtEULR PHVPR TXH UHVXOWH HP PDLRU DEDVWDQoD H DXPHQWR GD
YLWDOLGDGH JHUDO LPSHOH j PRUWH YROXQWiULD´ 2UD LQWURGX]VH DTXL R LQtFLR GD UHIRUPXODomR VREUH DQRPLD
SUHVHQWHQ¶26XLFtGLR,GHPLELGHPS
ÁÁ
@AIE>E@AILL¾½»¾½¿

¿½
$ SDUWLU GH 9LOIUHGR 3DUHWR RV UHVtGXRV H RV LPSXOVRV DSDUHFHP QD QDUUDWLYD
IXQFLRQDOLVWD MXVWDPHQWH QDV QDUUDWLYDV UHIHUHQWHV DRV TXDGURV GH UHIHUrQFLD GD QmR
FRQIRUPLGDGH $R GHVYLR p DWULEXtGD D H[WHUQDOL]DomR GH XP DWR DWUDYpV GR LPSXOVR
IXQGDPHQWDO SDUD D LQWURGXomR GD UHODomR HQWUH GHVYLR H SDSHO ± HVSHFLDOPHQWH GR VLFN UROH
8WLOL]DQGR R LQWHUPpGLR GH 5D\PRQG $URQ ³RV UHVtGXRV VmR RV VHQWLPHQWRV RX DH[SUHVVmR

GRV VHQWLPHQWRV LQVFULWRV QD QDWXUH]D KXPDQD´ 1R DPELHQWH VRFLDO WDLV UHVtGXRV VHULDP
VLPXOWDQHDPHQWH FRQWHVWDGRV H GLUHFLRQDGRV SHODV GHULYDo}HV ³RV VLVWHPDV LQWHOHFWXDLV GH
MXVWLILFDomR SHORV TXDLV RV LQGLYtGXRV GLVIDUoDP VXDV SDL[}HV RX GmR XPD DSDUrQFLD GH

UDFLRQDOLGDGH D FRQGXWDV TXH QmR VmR UDFLRQDLV´ (QWUH XPD QmR UDFLRQDOLGDGH H XPD
RUJDQLFLGDGH UDFLRQDO GHVVH SURFHVVR HP 3DUHWR R KRPHP VHJXH WHQGrQFLD SDUD ORJLFL]DU R
FRPSRUWDPHQWR 7DO FXUVR HQFDPLQKD R GHVYLR FRQIRUPH UHVtGXRV LUUDFLRQDLV RX
UDFLRQDOL]DGRV FXMD GHULYDomR QmR FRUUHVSRQGH j FRDGXQDomR HQWUH R REMHWLYDPHQWH H
VXEMHWLYDPHQWHOyJLFR
(QTXDQWR OHJDGR GD WHRULD GXUNKHLPQLDQD R GHVYLR GHVYHOD D SUHRFXSDomR QmR WmR
VRPHQWH GD REHGLrQFLD j QRUPD QR DPSOR VLVWHPD VRFLDO ± FRQVLGHUDGDV HQWUH DV GLYHUVDV
IRUPXODo}HV WLSROyJLFDV GR WHUPR ± PDV D UHODomR HQWUH LQGLYtGXRV FDWHJRUL]DGRV H GLVWLQWRV

VRFLDOPHQWHGDTXHOHVHPSOHQDUHSUHVHQWDomRGDVLQVWLWXLo}HVVRFLDLV
+i XPD WHQVmR HYLGHQFLDGD SRU 0HUWRQ QDV UHODo}HV VRFLDLV H QRV GHVFXPSULPHQWRV
GHVVHV SDGU}HV YDORUDWLYRV H QRUPDWLYRV FXOPLQDQWH QR FRQFHLWR GH DQRPLD UHVJDWDGR GH
ePLOH 'XUNKHLP H H[SDQGLGR SHOR VRFLyORJR QRUWHDPHULFDQR 1mR WmR VRPHQWH RVPRGRVGH
DOFDQoDU DV PHWDV RX FRQGX]LU D QRUPD VmR FRQVLGHUDGRV GHVYLDGRV R HQIUDTXHFLPHQWR GD
HVWUXWXUD VRFLDO SHUPLWH D PDLRULQFLGrQFLDGRGHVYLRVREUHFHUWRVFRQWLQJHQWHVGHQWUHRFRUSR

VRFLDO 1D SHUVSHFWLYD PHUWRQLDQD WDO UHSHUFXVVmR GR FRPSRUWDPHQWRGHVYLDQWHLPSOLFDULD
QD HIXVmR DQ{PLFD QR PHLR VRFLDO &RQVLGHUDQGR R ORXFR HQTXDQWR GHVYLDQWH DYHQWDVH D
FDSDFLGDGHGDORXFXUDFRPRDVSHFWRGLIXVRUGHXPDGHVHVWDELOL]DomRVRFLDO
ÁÂ
$5215D\PRQG$V(WDSDVGR0pWRGR6RFLROyJLFR6mR3DXOR0DUWLQV)RQWHV>@L¾ÁÂ
ÁÃ
E@AIE>E@AI
ÁÄ
1HVVD SHUVSHFWLYD *RIIPDQ SDUWH GR SURFHVVR LQYHUVR DR SHQVDPHQWR DQDOtWLFR DR HVWXGDU D HVWUXWXUD $
UHODomR GR HX FRP D FRQVROLGDomR GRV SDSpLV p YLVXDOL]DGD GLVWLQWLYDPHQWH GR TXDGUR GH UHIHUrQFLD QR TXDO D
FDWHJRUL]DomRpIHLWDGHIRUPDDHVSHUDUHFRQGX]LUjQRUPDOL]DomRGRVLQGLYtGXRVGHVYLDQWHV
Â»
K>ANPLEP¼ÄÂ»¢¼Ä¿Ä£LL½ÀÀ½ÀÃ

¿¾
'RLV DVSHFWRV HP UHODomR D DQRPLD GHYHP VHU FRQVROLGDGRV DH[SHULrQFLDVXEMHWLYDH

DV FRQGLo}HV REMHWLYDV &RPR R LQWHUHVVH PHUWRQLDQR DWUDYpV GD WHRULD GH PpGLR DOFDQFH p
IRUQHFHUPHFDQLVPRVHPStULFRVSDUDRHVWXGRGDDQRPLDVmRFULDGDVHVFDODVGHDQiOLVH2XVR
GD DQRPLD WUDQVLWD GR FRQWH[WR VRFLDO JHUDO SDUD IRUPDV GH DYHULJXDomR GD DXVrQFLD GH
QRUPDOLGDGH HP JUXSRV GH WDPDQKR YDULDQWH 6XEMHWLYDPHQWH RV LQGLYtGXRV VmR FDSD]HV GH
VHQWLU RV IDWRUHV DQ{PLFRV H UHDJLU DR SUHMXt]R GHVWHV SRGHQGR RX QmR UHSHUFXWLU HPSUiWLFDV
GHVYLDQWHV HP UHODomR j QRUPD HVWUXWXUDO 2EMHWLYDPHQWH XP IDWRU DQ{PLFR SRGH VHU

SHUFHSWtYHO GH IRUPD HVWDWtVWLFD DOpP GRV PpWRGRV GXUNKHLPQLDQRV Mi HP YRJD 0HUWRQ
FLUFXQVFUHYHjUHDOL]DomRGHREMHWLYRVHRGHVHQYROYLPHQWRPRQHWiULRFRPRIRUPDVYiOLGDVGH
HVWDEHOHFHU R YtQFXOR FXOWXUDO HP GHWHUPLQDGR FRQMXQWR SRSXODFLRQDO )RUPDOL]DVH D QRomR

GH VXFHVVR DWUHODGR j HVIHUD VRFLDO SRU PHLR GDTXDOQmRDWLQJLURVVHXVREMHWLYRVFDWpFWLFRV

GHPRGRQRUPDWLYRSRGHFRUUHVSRQGHUDVHWRUHVGLVWLQWRVGHJHUDomRGHGHVYLR

Â¼
@AIE>E@AILL½¾Ä½¿¼
Â½
5HIHUHQWH j FRQFHSomR GH FDWKH[LV QD REUD SDUVRQLDQD Ki XPVHQWLPHQWRGHJUDWLILFDomRHQTXDQWRPRWLYDGRU
QD DYDOLDomR GRV PRGRVGHRULHQWDomRGDDomRPRYLGRVSHORHJRHPUHODomRDRDOWHU ³&DWKH[LVWKHDWWDFKPHQWV
WR REMHFWV ZKLFK DUH JUDWLI\LQJ DQGUHMHFWLRQRIWKRVHZKLFKDUHQR[LRXVOLHVDWWKHURRWRIWKHVHOHFWLYHQDWXUHRI
DFWLRQ´ 3$56216 HW 6+,/6 2S &LW S &I LGHP LELGHP SS $ RULHQWDomR PRWLYDFLRQDOGHPRGR
FDWpFWLFR VH DGHTXD jV ³YDULiYHLV GH SDUkPHWUR´ SDUVRQLDQRSDUDORFDOL]DUUDFLRQDOPHQWHDVIRUPDVVXEMHWLYDVGD
DomR
Â¾
@AIE>E@AIL½¿¾

¿À
TXH R UHWUDtGR p RVWUDFL]DGR SRU UHSUHVHQWDU XPD PHQWDOLGDGH LPSURGXWLYD HP UHODomR j
FRQGXWDHjVLQVWLWXLo}HV
2UD SHOD GHILQLomR SDUVRQLDQD GH VLFN UROH R GRHQWH RFXSDULD D SRVLomR GH XPD
SDVVLYLGDGH DOLHQDGD XP GHVYLDQWH HP FRQIRUPLGDGH HP VXD LQWHUDomR FRP R SDSHO

GHVHPSHQKDGRHDUHODomRFRPDVRFLHGDGH 7UDWDVHHVWHXPH[HPSORGHVXEPLVVLYLGDGHHP
UHODomR DR VLVWHPD H UHFRQKHFLPHQWR VLVWrPLFR SHUPLVVLYR VREUH R VWDWXV GR LQGLYtGXR ± XP
FDVR GH DOLHQDomRSDVVLYDDLQGDGHWHQWRUGHXPDXQLGDGHVREUHDPHPyULD HQTXDQWRH[HPSOR
GH XPD FDUDFWHUtVWLFD LQGLYLGXDOL]DQWH 7HQGR HVWH R DYDO GH XPD LQVWLWXLomR UHFRQKHFLGD QR
PHLR VRFLDO ± D PHGLFLQD ± p SHUPLWLGR DR LQGLYtGXR DLQGD LQWHJUDUSDUFLDOPHQWHDVRFLHGDGH
DR SDVVR TXH VXD IRUPDomRHDEVRUomRGHYDORUHVpFRQGX]LGDSRUIDWRUHVSUHSRQGHUDQWHVFDVR
HVWHMD HP FRQIRUPLGDGH RX FRP UHODWLYD LQGHSHQGrQFLD GHVWHV 6H VHJXQGR 3DUVRQV R
H[WUHPR GDDOLHQDomRDWLYDDOpPGDDJUHVVLYLGDGHUDFLRQDOVHULDDTXHODYLVWDYLUWXDOPHQWHHP

VHX SUySULR PXQGR FRPR D HVTXL]RIUHQLD HOD WDPEpP VHULD FRQGLFLRQDQWH VREUH D SUHVVmR

GD VDQomR VLVWrPLFD SDUDDVXSUHVVmRHWD[DomRGHVHXGHVYLR +iXPDGLVWLQomRFODUDHQWUHR
GRHQWHDFHLWiYHOHRORXFRHQWUHDFRQIRUPLGDGHHRUHWUDLPHQWR
&RQVLGHUHPRV SRUWDQWR FRPR FDWHJRUL]RX 5RJHU %DVWLGH R GRHQWH HQTXDQWR XP

GHVYLDQWH H R PpGLFR XP LQVWUXPHQWR LQVWLWXFLRQDO GH FRQWUROH VRFLDO $ SUREOHPiWLFD GH
%DVWLGH p SRVWD QD LQYHVWLJDomR GD GRHQoD PHQWDO HQTXDQWR XPD WHUFHLUD SDWRORJLD VRFLDO QR
TXDGUR GXUNKHLPQLDQR (P FUtWLFD DR PRGHOR SDUVRQLDQR DVVLP FRPR HP FRQWUDVWH DR
HVWUXWXUDOLVPR H QHRHVWUXWXUDOLVPR IUDQFrV %DVWLGH WUD]jWRQDDVUHODo}HVHQWUHDVXMHLomRGD
VXEMHWLYLGDGHjQRUPD6HJXQGRRDXWRU
2 SDSHO GR GRHQWH FRQVWLWXL XP PHFDQLVPR TXH FDQDOL]D R GHVYLR GH WDO PRGR
TXH GXDV SHULJRVtVVLPDV YLUWXDOLGDGHV VH DFKDP HOLPLQDGDV D IRUPDomR GH XP JUXSR GH
GHVYLDQWHV H D VXD SUHWHQVmR HPID]HUUHFRQKHFHUVXDOHJLWLPLGDGHRVGRHQWHVVmROLJDGRVQmR
D RXWURV GHVYLDQWHV SDUD IRUPDU XPµVXEJUXSR¶RXXPDµVXEFXOWXUD¶PDVFDGDXPDXPJUXSR
GH QmRGRHQWHV VHX FtUFXOR GH DPLJRV H GH IDPLOLDUHV H VREUHWXGRDVHXPpGLFR$VVLPpTXH
ÂÀ
E@AIE>E@AIL½ÃÀ
ÂÁ
@AIE>E@AILL½Ã¿A½ÃÀ
ÂÂ
%+$77$&$+5-(( 'LSDQMDQ 6,1*+ 1DUHQGUD .U HWDO6RFLRORJLFDO8QGHUVWDQGLQJRI3V\FKLDWULF,OOQHVV
± $Q $SSUDLVDO ,Q 'HOKL 3V\FKLDWU\ -RXUQDO YRO QR DSULO SS =PDE=O E?G L
EPLÂÁ
ÂÃ
%$67,'(5RJHU$6RFLRORJLDGDV'RHQoDV0HQWDLV6mR3DXOR&RPSDQKLD(GLWRUD1DFLRQDO>@
L½Á¼

¿Á
RV GRHQWHV FRQVWLWXHP XP JUXSR DSHQDV GR SRQWR GH YLVWD HVWDWtVWLFR PDV OKHV p UHFXVDGD D

SRVVLELOLGDGHGHFRQVWLWXLUXPDFROHWLYLGDGHVROLGiULD
&OtQLFR D IXQomR LQVWLWXFLRQDO GR SVLTXLDWUD p MXVWDPHQWH GHILQLU SDSHLV DRV VHXV

SDFLHQWHV 6HJXQGR D LQVWLWXFLRQDOL]DomR R DQRUPDO WHP GH WHU D VXD VLQJXODULGDGH H[SRVWD
SHORPHFDQLVPRGHFRQWUROH2SVLTXLDWUDpDTXHOHDGHQRWDUDVHSDUDomRDWUDYpVGDFRQFHSomR

HQWUH R QRUPDO H R SDWROyJLFR $ ORXFXUD p SRUWDQWR XPD ³UHVSRVWD´ DR VDEHU PpGLFR
WUDGX]LGD HP VXD OLQJXDJHP H SHUWHQFHQWH HQWUH DV GLPHQV}HV GH SHUVRQDOLGDGH H GHVYLR
FDEtYHLVDRLQGLYtGXR
4XDWUR RXWURV DSRQWDPHQWRV SRGHP VHU SRU QyV WUDoDGRV VREUH DV FRQVLGHUDo}HV GH
%DVWLGH QD 6RFLRORJLD GDV 'RHQoDV 0HQWDLV H Q¶2 6RQKR 2 7UDQVH H D /RXFXUD H HQWmR
H[SDQGLGRV (P SULPHLUR SRQWR QmR LQWHUHVVD D %DVWLGH D VXEMHWLYLGDGH RX DV FDXVDV GD
³VXEMHWLYDomR´ GD ORXFXUD ± LQWHUHVVD FRPR D VXEMHWLYLGDGH p VLVWHPLFDPHQWH LQWHJUDGD SHOD
QRUPD $ OHLWXUD GH %DVWLGH VH DSUHVHQWD FHQWUDOPHQWHSHORYLpVGDHVWUXWXUDHGDHVWUXWXUDomR
QDV VRFLHGDGHV LQGXVWULDOL]DGDV 1mR WmR VRPHQWH HOH DVVXPH D YLVmR HVWUXWXUDOLVWD
GXUNKHLPQLDQD GDV SVLFRVHV FRPR LQWHUQDV DR VLVWHPDVRFLDOSUHVHQWHEXVFDQGRFRPSUHHQGHU
D IRUPXODomR VLVWrPLFD VREUH D ORXFXUD (P VXDV SDODYUDV ³7UDWDVH GH HQFRQWUDU R PRGHOR
WHyULFR GD ORXFXUD ± VHX VLJQLILFDGR SURIXQGR ± QmR PDLV HP UHODomR j QDWXUH]D GR KRPHP

PDVHPUHODomRjHYROXomRGDVHVWUXWXUDVVRFLDLV´
6HFXQGDULDPHQWH XPD WHRULD VRFLDO GD ORXFXUD UHSUHVHQWD D DVVLPLODomR GR SDSHO GR
ORXFR LQWHUQDPHQWH j OyJLFD VLVWrPLFD 3HQVDVH QD DUTXLWHWDomR DEVWUDWD GD VRFLHGDGH
LQWHUOLJDGD D LQVWLWXLo}HV FRQFUHWDV IRUPDV FRP PHFDQLVPRV HVWUXWXUDLV GH VXMHLomR ±
DSUR[LPDGR DR HVWUXWXUDO IXQFLRQDOLVPR DWp DTXL H[SRVWR 1DHVWUXWXUDVRFLDOFRQWHPSRUkQHD
DV SVLFRVHV VmR SRVLFLRQDGDV HQWUH GRLV HL[RV IXQFLRQDLV FRH[LVWHQWHV KRPRORJDPHQWH RX
LQYHUVDPHQWH j HVWUXWXUD 3RU XP ODGR D ORXFXUD QmR p UHSUHVHQWDWLYD GD VRFLHGDGH PDV WHP
GH VHU UHSUHVHQWDGD LQWHUQDPHQWH D HVWD 1DV SDODYUDV GH %DVWLGH HOD p ³DR PHVPR WHPSR
ÂÄ
KCANLEP¼ÄÁÂ¢¼ÄÁÀ£L½Á½
Ã»
PEHEV=IKO K PANIKLOE?jPE?K=MQEJKOAJPE@K@APK@=AMQ=HMQAN@KAJ^=IAJP=H=PNE>Qd@=LKNQIIAEK
EJOPEPQ?EKJ=HEV=@KOK>NAKOEJ@ERd@QKO?KIK=LOEMQE=PNE=
Ã¼
KNI=H A L=PKHjCE?K P=I>Ì PdPQHK BQJ@=IAJP=H @= K>N= @A AKNCAO =JCQEHDAI ?KJOPEPQENX AETK
LNjLNEK JK PAN?AENK ?=LdPQHK AI ?KJPdCQ= NAH=^ZK ?KI = >=OA @K LAJO=IAJPK @A E?DAH KQ?=QHP
LEOPAIKHKCE?=IAJPA @EOPEJP=O =K BQJ?EKJ=HEOIK L=N= KQ?=QHP A =JCQEHDAI = @EBANAJ?E=^ZK `
AOP=>AHA?E@=E@AKHKCE?=IAJPAL=N=AJPZKEJPACN=N=AOPNQPQN=@AAT?HQOZK
Ã½
26RQKRR7UDQVHHD/RXFXUD6mR3DXOR7UrV(VWUHODV>@LL¼Â½

¿Â

FySLD H GHVYLR HP UHODomR D HVVD VRFLHGDGH´ 3RU XP ODGR D KRPRORJLD QmR SRGH VHU WRWDO
HP UD]mR GR DSDJDPHQWR GR ORXFR $ LQVHUomR GR ORXFR DRV TXDGURV VRFLDLV GHYH VHU
HQIDWL]DGD WDQWRSHODQHFHVVLGDGHGRQRUPDOHPHVWDEHOHFHUFROHWLYLGDGHVTXDQWRSHORVSDSHLV
UHDOL]DGRV SHOR LQGLYtGXR FRQGL]HQWHV FRP RV YDORUHV VRFLDLV 2 ORXFR QmR p WDEXOD UDVD QD
VRFLHGDGH FRQWHPSRUkQHD LVVR p FODUR $ TXHVWmR TXH VH IRUPD p FRPR R VHQWLGR GD VXD
LQWHJUDomRpDEVRUYLGRSHORPHLRVRFLDOHTXDQGRRPHVPRPHLRRFRQVLGHUDHPSHFLOKRSDUDD
RUJDQLFLGDGH 3RUWDQWR SHQVDU D KRPRORJLD GR ORXFR QD HVWUXWXUD VRFLDO p SHQVDU FRPR D
FRPXQLGDGHVRFLHWiULDUHJXODDSDUWLFLSDomRVRFLDOGRVVHXVDEHUUDQWHV±RVORXFRV
3RU RXWUR ODGR D LQYHUVmR H[S}H D GLIHUHQFLDomR H DV WHQWDWLYDV GH DFRPRGDomR GR
DQRUPDO (QWUH R DFHLWH H D UHMHLomR RSVLFyWLFRWHPGHUHSUHVHQWDUDLQYHUVmRGDQRUPDOLGDGH
VRFLDO H[SRVWD SHODV LQVWLWXLo}HV 'HSHQGHQWH GD FDWHJRUL]DomR GD VXD SVLFRVH WDPEpP p
HVSHUDGR GHVVHV LQGLYtGXRV TXH WHQWHP VH DGHTXDU DR VLVWHPD GH YDORUHV FRPXQV ±
LQVWLWXFLRQDOL]DGRV H FXOWXUDLV 7HPRV GH FRQVLGHUDU WRGDYLD D FRQVWLWXLomR GD LQWHUDomR QR
TXDGUR GH UHIHUrQFLD H D HVWUXWXUD GDV QHFHVVLGDGHV GLVSRVLo}HV GR HJR HP UHODomR DR DOWHU
(P RXWUDV SDODYUDV SHOR YLpV HVWUXWXUDO IXQFLRQDOLVWD p IXQGDPHQWDO HVTXDGULQKDUPRV D
LQWHULRUL]DomR GRV YDORUHV DVVLP FRPR R HVIRUoR GH IRUPDOL]DomR GH XPD KRPRORJLD SUySULD
$ ORXFXUD SRVVXL H IRUPD XP VHQWLGR SUySULR SRUpP D FRPXQLGDGH VRFLHWiULD QmR p SRURVD
SDUD WUDQVIRUPDU HP QRUPDOLGDGH R DEHUUDQWH 7DO FRQVLGHUDomR VH ID] SHUWLQHQWH DR FRQFHLWR
GH DGDSWDomR GH 3DUVRQV H D UHODomR HQWUH D VXD HVWUXWXUD GH SHUVRQDOLGDGH H D RUJDQL]DomR
FRPSRUWDPHQWDO 2 GHVHQYROYLPHQWR VRFLDO p DQDOLVDGR HP WHUPRV REMHWLYRV LQGX]LQGR D
FRUUHVSRQGrQFLD DR DOFDQFH GH XP HTXLOtEULR LGHDO &RPR D LQYHUVmR SUHVVXS}H
SRVLFLRQDPHQWR H DGHTXDomR D QRomR GH PXGDQoD WDPEpP D DIHWD (QTXDQWR GRHQWH DR
SVLFyWLFR p SHUPLWLGR XPD FRQIRUPLGDGH LQVWLWXFLRQDOL]DGD SRUpP QmR p DXWRUL]DGR D VXD
SDUWLFLSDomR QD PXGDQoD VRFLDO (P UD]mRGDGHQRWDomRGHVHXFRPSRUWDPHQWRDVXDSRVLomR
VRFLDOGHYHSHUPDQHFHULQYHUWLGD
(P WHUFHLUR SRQWR QmR p IDFWtYHO DILUPDU DWUDYpV GH %DVWLGH VREUH XPD VROLGDULHGDGH
HQWUH ORXFRV $QWHULRUDVXDDQiOLVH(UYLQJ*RIIPDQMiKDYLDUHGLJLGRHSXEOLFDGRXPGHVHXV
WH[WRV FOiVVLFRVVREUHRWHPD$V\OXPV±HVVD\VRQWKH6RFLDO6LWXDWLRQRI0HQWDO3DWLHQWVDQG
Ã¾
KCANE>E@AIL¼Ã¼

¿Ã

2WKHU ,QPDWHV DVVLP FRPR 6WLJPD 1mR Ki HUUR DILUPDU TXH R ORXFR QmR SRVVXL
VROLGDULHGDGH FRP RV PHLRV LQVWLWXFLRQDOL]DGRV GH IDWR $LQGD TXH 3DUVRQV H0HUWRQWHQKDP
GLVFXWLGRRSDSHOGRPpGLFRFHQWUDOPHQWHSHODQHFHVVLGDGHGDFRQVWLWXLomRGHXPDDIHWLYLGDGH
QHFHVViULD DR WUDWDPHQWR DLQWHUDomRIDFHDIDFHHRVHVWXGRVGDVLQVWLWXLo}HVWRWDLVUHYHODULDP
RXWUR SDUDGLJPD 1mR GHYHPRV H[LJLU GH %DVWLGH D OHLWXUD DSURIXQGDGD GD VRFLRORJLD
QRUWHDPHULFDQD LQWHUDFLRQLVWD VLPEyOLFD QmR p HVWH R VHX GHYHU PDV MXQWD GHVWD p YLVtYHO
RXWUR FHQiULR $WUDYpV GH *RIIPDQ R ORXFR SRVVXL VLP XPD VROLGDULHGDGH 0DV HVWD p D
VROLGDULHGDGH IHLWD DSHVDU GR PpGLFR H GD LQVWLWXLomR ± FRQFUHWD H D DEVWUDWD±TXHRFRQWUROD

+iXPDVROLGDULHGDGHHQWUHORXFRVDSHVDUGDQRUPD
(P TXDUWR SRQWR %DVWLGH GLVWDQFLDVH GD VRFLRORJLD SDUD EXVFDU UHVSRVWDV j
SUREOHPiWLFD GD SVLFRVH QR PHLR VRFLDO 7DO SHUFXUVR DQDOtWLFR QmR LQYLDELOL]DTXDLVTXHUXPD
GDV DERUGDJHQV LQYHVWLJDGDVSHORFRQWUiULR8PDVRFLRORJLDGDVGRHQoDVPHQWDLVVHJXQGRHOH
GHYH VH HVWHQGHU DOpP ³SRLV VH PHVPR VH D SVLTXLDWULD VRFLDO HVWLYHVVH DFDEDGD HOD

SHUPDQHFHULDQRPLFURHQmRQRVSRGHULDGDUSUHFLV}HVVREUHRVFRQMXQWRVFROHWLYRV´
8PDFHUWDLPSRVVLELOLGDGHGDVRFLRORJLDHPDQDOLVDUDIXQGRRVTXDGURVGDORXFXUDpR
DUJXPHQWR FHQWUDO SDUD D WUDQVLomR H D IRUPDomR GH XPD PHWRGRORJLD LQWHUGLVFLSOLQDU
7UDGLFLRQDOPHQWH p DVVXPLGR SHOR FDPSR PpGLFR H ELROyJLFR R GLDJQyVWLFR GDV
GLVIXQFLRQDOLGDGHV UHVWULWDV DRV FRUSRV 5HODWLYR j SVLTXLDWULD p EXVFDGD D QHXUDVWHQLD RX
RUJDQLFLGDGHV SVtTXLFDV SDUD QmR HVTXHFHUPRVGDLQIOXrQFLDGHePLOH'XUNKHLPVREUH5RJHU
%DVWLGH 1DHVIHUDHVWUXWXUDOIXQFLRQDOLVWDDTXLORTXHpUHODWLYRjFRQVWUXomRGDSHUVRQDOLGDGH
p IHLWR GH IRUPD H[WHULRU H LQWHUQDDRLQGLYtGXR$VRFLRORJLDVHJXQGRDYLVmRGRVDXWRUHVDWp
R PRPHQWR H[SRVWRV FRQVHJXLULD DERUGDU DV SUHVV}HV H DWULEXLo}HV H[WHULRUHV 7DO DVVHUWLYD
WRGDYLD FRPSUHHQGH TXH GLVW~UELRV GH SHUVRQDOLGDGH SRVWRV VREUH D VRFLHGDGH LQIOLJHP
GHVHTXLOtEULR 1DGD PDLV FDEtYHO SRUWDQWR TXH XP GHVYLDQWH WHQKD D VXD GRHQoD PHQWDO
Ã¿
B *2))0$1 (UYLQJ $V\OXPV±(VVD\VRQWKH6RFLDO6LWXDWLRQRI0HQWDO3DWLHQWVDQG2WKHU,QPDWHV1HZ
<RUN )LUVW $QFKRU %RRNV *2))0$1 (UYLQJ 6WLJPD /RQGRQ 3HQJXLQ *2))0$1 (UYLQJ
7KH ,QVDQLW\ RI 3ODFH ,Q5HODWLRQVLQ3XEOLF±0LFURVWXGLHVRIWKH3XEOLF2UGHU1HZ<RUN%DVLF%RRNV
>@SS
ÃÀ
?AN?= @AOPA IAOIK LKJPK ?KJBANEN K OACQJ@K ?=LdPQHK @AOP= IAOI= @EOOANP=^ZK @EO?QOOZK OK>NA
=JE?kIEKO NEOlAO A KJRAJPKO =OOEI ?KIK DA JO=JEPU KB H=?A OZK LKJPKO AJ L=OO=JP @K LNAOAJPA
?=LdPQHK OK>NA AOPNQPQN=H BQJ?EKJ=HEOIK LKNÌ OZK = BKN^= IKPNEV @= NAH=^ZK AJPNA K EJPAN=?EKJEOIK
OEI>jHE?KA=HKQ?K
ÃÁ
KCANLEP¢¼ÄÁÀ£¼ÄÁÂL¿Â

¿Ä
HVPLXoDGDPHQWH H[DPLQDGD DWp R VHX SRQWR GH JrQHVH ± RX HQWmR DWp D VRFLRORJLD HVWXGLRVD
GRVRUJDQLVPRVVRFLDLVSRGHULDDOFDQoDU
1RPLQDOPHQWH D DSUR[LPDomR GH %DVWLGH DRHVWUXWXUDOIXQFLRQDOLVPRFRPRFDPSRGH

DQiOLVH SDUD D ORXFXUD VH FRQFHQWUD QDV DOHJDo}HV PRQWDGDV QHVVDV REUDV HQWUH H
(QFRQWUDPRQRV QXP LPSDVVH (QTXDQWR R GLDJQyVWLFR GH %DVWLGH VH GHPRQVWUD HP JUDQGH
PHGLGD SUHFLVR SRU RXWUR ODGR HOH QmR DSUHVHQWD IRQWHV FRQWHPSRUkQHDV D VLTXHDOWHUDULDPD
YLVmR 3DUD %DVWLGH DSURIXQGDPHQWRV VRFLROyJLFRV QRUWHDPHULFDQRV GHYHULDP VHU WUDoDGRV

SDUD GHILQLU D UHOHYkQFLD GD DQRPLD SDUD ³VRFLRJrQHVH GDV SHUWXUEDo}HV SVtTXLFDV´ 'XDV
FRQVLGHUDo}HV GHYHP VHU H[SRVWDV D SDUWLU GHVVH SRQWR 3ULPHLUDPHQWH WRGDV DV LQWHUDo}HV
FRPSUHHQGHP DR VLVWHPD VRFLDO LQFOXVLYH DTXHODV PDQLIHVWDQWHV GH FRPSRUWDPHQWR
SVLFRSDWRORJL]DGR ,VVR p XP YHLR GXUNKHLPQLDQR QmR DEDQGRQDGR SRU QHQKXPD GDV
DERUGDJHQVFRQIRUPHHVWDEHOHFHPRVQRLQtFLRGHVVDVHomR
6HFXQGDULDPHQWH D EXVFD HWLROyJLFD GD GRHQoD SRGH VHU WUDEDOKDGD HQTXDQWR

SUHRFXSDomR HSLVWHPROyJLFD GR SHUtRGR UHFRUWDGR 7DQWR 3DUVRQV TXDQWR 0HUWRQ VH
GHPRQVWUDP SUHRFXSDGRV FRP D JrQHVH GRV GLVW~UELRV VRFLDLV 'D PHVPD IRUPD UHIOHWHP
VREUH D PXGDQoD VRFLDO FRPEDVHQDDQiOLVHGDVPROpVWLDVLQFOXVLYHDVPROpVWLDVPHQWDLV7DO
GLUHFLRQDPHQWR UHIOHWH SUHRFXSDo}HV IXQGDPHQWDLV GR FDPSR VRFLROyJLFR GHL[DGDV GH ODGR
SHOR LQWHUDFLRQLVPR VLPEyOLFR SRVWHULRU 3DUD R HVWUXWXUDOLVPR GH %DVWLGH H RV HVWUXWXUDLV
IXQFLRQDOLVWDV RGHEDWHUHPHWHFRQWLQXDPHQWHDXPDGHVXDVRULJHQVDJrQHVHGRGLVW~UELRQD
UHODomRHQWUHLQGLYtGXRHVRFLHGDGH
&RPSDUHPRV HVWH DR FDVR DSURIXQGDGR SRU 0HUWRQ DFHUFD GD GHOLQTXrQFLD MXYHQLO
FRPR H[HPSORV SDVVtYHLV GH GHVHTXLOtEULR (QWUHDORXFXUDHDGHOLQTXrQFLDH[LVWHPGHVYLRVH
GHVYLRV WRFDQWH QmR VRPHQWH GR GLVWLQWR GLVWDQFLDPHQWR HP UHODomR j QRUPD VHQmR WDPEpP
GD LQWHU UHODomR VLVWrPLFD $ ORXFXUD p RFXOWD DRV ROKRV H DR VLVWHPD DWp D VXD GHIODJUDomR
(QTXDQWR 0HUWRQ FDWHJRUL]D D GHOLQTXrQFLD GH DFRUGR FRP D WLSRORJL]DomR DVVRFLDGD j
UHEHOLmRHVWDVHMXQWDDVFDWHJRULDVGHUHWUDLPHQWRQXPDWHQWDWLYDGHHQTXDGUDPHQWRGRORXFR
8P GRV LQGLFDGRUHV GH DQRPLD RUHWUDLPHQWRVXJHUHTXHXPREMHWRVRFLDO±LQGLYtGXR
RX JUXSR VRFLDO ± DEDQGRQD DV VXDV PHWDVFXOWXUDLVHGHVFUHGLWDDVSUiWLFDVLQVWLWXFLRQDLVSDUD
DWLQJLU RV VHXV REMHWLYRV ,VVR UHSUHVHQWD D SHUGD GH H[SHFWDWLYDV SRU FRQWD GD GHVFUHQoD RX
ÃÂ
@AIE>E@AILL½À½Á

À»
LQFDSDFLGDGH GH FUHU QDV IRUPDV GH FRUUHVSRQGHU D VXD H[SHFWDWLYD 6HP DV WULOKDV DV TXDLV
HVWDFD DFRVWXPDGR Ki D SHUVLVWrQFLD GH XP LVRODPHQWR VRFLDO H D DVVXPSomR GH PLJDOKDV

FRPR FRQFOXV}HV SURQWDV H GHILQLWLYDV *HUD XPD DSDWLD HPUHODomRjFXOWXUDHVHXVYDORUHV
IDGLJD PRUDO H GHVHQFDQWR DJUDYiYHO HP UHEHOLmR 6RE R UHWUDLPHQWR R GRHQWH PHQWDO
LQFRUSRUD R VHX HVWLJPD FRPR XP IDWRU HP WRWDO UHMHLomR GRV REMHWLYRV FXOWXUDLV H PpWRGRV
QRUPDWLYRV H DGHQWUD FRPSRUWDPHQWRV GHSUHVVLYRV 7DO FDWHJRULD WRGDYLD LQFOXL D GRHQoD
PHQWDO HP FRQFHSo}HV JHQpULFDV DOXGLQGRVRPHQWHDFHUWRVWLSRVGHSVLFRVHFRPRGHSUHVVmR
HHVTXL]RIUHQLD
2 QRVVR IRFR WRGDYLD QmR VH UHGX] j FDUDFWHUL]DomR SDUVRQLDQD H PHUWRQLDQD GD
ORXFXUD DR GHVYLR PDV HP FRPR FRQWrOD VRE WDO GHILQLomR 6KLUOH\ $QJULVW DR UHWRPDU WDO
GHEDWHHPEXVFDDQDWXUH]DGDGRHQoDPHQWDOQDLQWHOOLJHQWVLDQRUWHDPHULFDQD(QWUHDV
DSUR[LPDo}HV DFDGrPLFDV SDUD D FRPSUHHQVmR GD GRHQoD PHQWDO $QJULVW QRV IRUQHFH GRLV
SRQWRV FHQWUDLV HP WRUQR GD ELEOLRJUDILD H[SRVWD D SHUVRQDOLGDGH H GHVYLR FRPR HL[RV
FRQWURYHUVDPHQWH LVRODGRV SDUD D DQiOLVH GD ORXFXUD H D FRQVWUXomR GR TXDGUR GH UHIHUrQFLD

GDGRHQoDPHQWDOGHQWUHRIXQFLRQDOLVPR
$ RUGHP GR SHQVDPHQWR GH 3DUVRQV H 0HUWRQ QmRpHVWUDQKDDRVGHVHQYROYHGRUHVGDV

VXDV WHRULDV 6HJXLQGR D RUGHP FXPXODWLYD GH DFUpVFLPR H DSURIXQGDPHQWR GRV TXDGURV GH
UHIHUrQFLD WHyULFRV SDUD DSOLFDomR QRV VLVWHPDV FRQFUHWRV GH DomR RV QRYRV HVWXGRV VmR
WUDGX]LGRV H LQFRUSRUDGRV j QDUUDWLYD VLVWrPLFD ([WHQVLYDPHQWH DV LQYHVWLJDo}HV
VRFLROyJLFDV EXVFDP D DGDSWDomR GH XPD OLQJXDJHP GD SVLTXLDWULDVRFLDOjIRUPXODomRGHXP
TXDGUR GH UHIHUrQFLD GD ORXFXUD (QWUH D UHIHUrQFLD j QRUPD H R GHVYLR SDXWDGR SHOD
SHUVRQDOLGDGH p OHYDQWDGD XPD SURSRVWD VREUH D ORXFXUD TXH QmR FDEH SHUIHLWDPHQWH QHPQR

PRGHOR SVLTXLiWULFR SVLFyWLFR QHP QR VRFLROyJLFR GHVYLDQWH 8PD WHUFHLUD YLD DFDGrPLFD
VHULD HQWmR DVVRFLiOD SDUFLDOPHQWH D FRPSRUWDPHQWRV FRQIRUPHV VHJXQGR j QRUPD QmR
FRQIRUPHV GHVYLDQWHV HQDWXUDOPHQWHSVLFyWLFRV QHXUDVWrQLFRV
$QJULVW UHVXPH XP GHEDWH TXH HVWDYD VHQGR FRQGX]LGR SHOD (VFROD GH &KLFDJR H SRU
(UYLQJ *RIIPDQ PDV PDQWHQGR SUy[LPD UHODomR FRP D WHRULD HVWUXWXUDO IXQFLRQDOLVWD $
ÃÃ
K>ANPLEP¼ÄÂ»¢¼Ä¿Ä£LL½Á¾½ÁÁ
ÃÄ
$1*5,67 6KLUOH\ 0HQWDO ,OOQHVV DQG 'HYLDQW %HKDYLRU ± 8QUHVROYHG &RQFHSWXDO 3UREOHPV ,Q 7KH
6RFLRORJLFDO4XDUWHUO\9ROQRRXWRQRGHSS
Ä»
DENHAUE>E@AILL¿¿»¿¿¼

À¼
SHUFHSomR GH TXH QmR QHFHVVDULDPHQWH RV ORXFRV VmR UHSUHVHQWDWLYRV WDQWR GR GHVYLR VRFLDO
FRPR GD GRHQoD PHQWDO VH WRUQRX XPD SODWDIRUPD GH GLVWLQomR H SURJUHVVR FLHQWtILFR ,VWR p
QmR p SRUTXH DSUHVHQWDP SUREOHPDV VLPLODUHV TXDQGR YLVWRV HP VRFLHGDGH TXH D
FDWHJRUL]DomR p D PHVPD 1DV VXDV SUySULDV SDODYUDV $ SUySULD URWXODJHP GH
FRPSRUWDPHQWR FRPR GRHQWHRXGHVYLDQWHSRGHLQLFLDUDLQWHUQDOL]DomRGRLQGLYtGXRGR SDSHO
GH GRHQWH 2FRPSRUWDPHQWROHYDDRUyWXORTXHQRYDPHQWHSURYRFDRFRPSRUWDPHQWR(QWmR

RGHVYLRJHUDGHVYLRHLQWHUURPSHURSURFHVVRpGLItFLO´ 7UDGXomR1RVVD
1R FDVR GD GRHQoD PHQWDO HVVH FHQiULRpSDUWLFXODUPHQWHGLItFLOSHODKHWHURJHQHLGDGH

TXDQGR D ORXFXUD p SRVWD HP FRPSDUDomR 2V WLSRV FRQVROLGDGRV GR GHVYLR ± R PRUDGRU GH
UXD RV GHOLQTXHQWHV MXYHQLV RV FULPLQRVRV H RV YLFLDGRV HP GURJDV±QmRPHVFODPEHPFRP
R FRPSRUWDPHQWR JHUDO GRV HVTXL]RIUrQLFRV GHSUHVVLYRV ELSRODUHV $GHPDLV DOpP GD
DVVRFLDomR FRP D GRHQoD SURSRU D LQWHUQDomR FRPR DOWHUQDWLYD D SUySULD DVVRFLDomR GD
GRHQoDPHQWDOjFDWHJRULDGHGRHQoDDSUHVHQWDSUREOHPDV
¬ FDWHJRUL]DomR GR ORXFR QmR QHFHVVDULDPHQWH p DFRPSDQKDGD SRU XPD UHVSRVWD

GHFLVLYD VREUH D LQWHJUDomR GHVVH FRQMXQWR GH LQGLYtGXRV QDVRFLHGDGH)RUPXODVHIRUPDVGH
HQTXDGUDPHQWR H DVVRFLDomR LGHQWLILFDomR GD VXD UHMHLomR GH VHXV VLQWRPDV H PROpVWLDV H
WLPLGDPHQWH SURGX]HPVH HQVDLRV VREUH IRUPDV GH WUDWDPHQWR QmR PDQLFRPLDLV ([HPSORV
VmR WUDoDGRV SRU 6KLUOH\ $QJULVW DOJXQV DQRV DQWHV HP (P 7KH PHQWDO KRVSLWDO LWV
KLVWRU\ DQG GHVWLQ\ SXEOLFDGR HP GH]HPEUR GH $QJULVW SURMHWD XP FRQYtYLR GH
GRHQWHV PHQWDLV VHP D QHFHVVLGDGH UHFRUUHQWH GH PDQLF{PLRV $ DOWHUQDWLYD DLQGD p QR
SHUtRGR XPD LQFyJQLWD SDUD D DXWRUD VHQGR HVWDEHOHFLGD XPD GLVWLQomR SHOR DSURIXQGDPHQWR
GRV HVWXGRV HQWUH FDVRV FRP PDLRU RX PHQRU GLVW~UELR +i XPFHUWRRWLPLVPRQDH[SHFWDWLYD
IXWXUDGDDQXODomRGDFDWHJRUL]DomRGRGRHQWHPHQWDO
,9 20HFDQLVPRHR&RQWUROHFRPRILQDOLGDGH
7DO IXQFLRQDOLVPR QRUPDWLYR QmR GHVFRQVLGHUD D PXGDQoD DILUPDULDP
FDWHJRULFDPHQWH DGHSWRV GH WDO PRGHOR GH GHVHQYROYLPHQWR VRFLDO -RDV H .Q|EO FRPS}H R
FRUR VREUH DWUDQVLomRGHXPD(VWUXWXUDGD$omR6RFLDOHPEDVDGDQR6LVWHPD6RFLDOSDUDXPD
Ä¼
@AIE>E@AIL¿¿¿

À½

7HRULD GD 2UGHP 3RUpP VHMDPRV IUDQFRV H ILQDOPHQWH URPSDPRV D PRUWDOKD (QJDQDVH
SHQVDU XPD DXVrQFLD GH FRPSUHHQVmR GR ORXFR GHQWUH R DSRUWH WHyULFR DTXL H[SRVWR 3HOR
FRQWUiULR WRUQHPRV D GLVWUDomR HYLGHQWH 2 ORXFR SRVVXL OXJDU H GLVWLQomR QD HVWUXWXUD H R p
EHPGHILQLGRSRUWDLVDXWRUHV7DOpRHIHLWRGDDXVrQFLD
(QWUH D GLVVRQkQFLD QD SHUPDQrQFLD GH RUJDQLVPR VRFLDO tQWHJUR H D DOWHUDomR GR
FRPSRUWDPHQWR LQGLYLGXDO RX GD HVWUXWXUD RV PHFDQLVPRV GH FRQWUROH VRFLDO VXJHULGRV SRU
7DOFRWW 3DUVRQV SHUFHEHP DV UHODo}HV LQVWLWXFLRQDLV H FRPSOLFDo}HV UHIHUHQWHV DRV GHVJDVWHV
HQWUH HVVHV ÒOWLPRVSRQWRVGHQRVVDDERUGDJHPXPSDSHOGRVPHFDQLVPRVGHFRQWUROHVRFLDO

GH 3DUVRQV H 0HUWRQ p SHUFHEHU RV GHVJDVWHV GDV LQVWLWXLo}HV 2 VRIULPHQWR GR ORXFR HP
UHODomR DR PHLR VRFLDO VH UHYHOD GH IRUPD HYLGHQWH 3DUD XP FRQMXQWR GH LQGLYtGXRV FXMD
SHUVSHFWLYD GH UHLQWHJUDomR p SDXWDGD SHOR HQGRVVR GH PHLRV LQVWLWXFLRQDOL]DGRV QRV
SDXWDUPRV VRPHQWH QXPD DOHJDGD DXVrQFLD GHOLEHUGDGHpLQVXILFLHQWH$ORXFXUDpUHYHODGDH
GHVQXGDGD IUHQWH DR RUJDQLVPR VRFLDO SRXFR DQWHV GD VXD GHVLJQDomR HPHVSDoRV±DEVWUDWRV
HFRQFUHWRV±GHYLVLELOLGDGHHFRQWLQJHQFLDPHQWR
5HIHUHQWH D QRVVD DERUGDJHP R GHVJDVWH WDPEpP p HVWDEHOHFLGR QD UHODomR HQWUH
SDFLHQWH H PpGLFR GXUDQWH XP SRVVtYHO WUDWDPHQWR FRQWtQXR 'HQWUHRPHFDQLVPRGHFRQWUROH
VRFLDO R PpGLFR WHP SRU IXQomR UHHVWDEHOHFHU R GRHQWH SDUD R FRQYtYLR H GHVHQYROYLPHQWR
VRFLDO6XEVWLWXDPRVSDFLHQWHSRUORXFRHPpGLFRSRUSVLTXLDWUDDVVLPWHUHPRVQRVVRVREMHWRV
GH DQiOLVH 2RXWURDVSHFWRGRPHFDQLVPRVRFLDOSRUWDQWRpGHILQLUDVFRQGLo}HVGHIRUPDomR
HPDQXWHQomRGHVVHVSDSHLVGHSHQGHQWHVHQWUHXPDVROLGDULHGDGHUHVWULWD
7RGDYLD LVVR QmR HOLPLQD D HVWUXWXUD GD RUJDQL]DomR QD TXDO RV ORXFRV VmR SRVWRV
(PEDVDGD HP SURFHGLPHQWRV LQVWLWXFLRQDOL]DGRV H SDGURQL]DGRV D RUJDQL]DomR WHQGH DR
DOFDQFH GH PHWDV GHWHUPLQDGDV SHOD HVWUXWXUD HRX SHOR LQGLYtGXRVHJXLQGRDUHODomRHQWUHD
LQWHJUDomRHDGDSWDomRGDSHUVRQDOLGDGHGRLQGLYtGXRFRPRVLVWHPD(QTXDQWRGHWHUPLQDo}HV
HVWUXWXUDLV RX LQGLYLGXDLV D YLVmR VREUH D RUJDQL]DomR VHJXH D PHVPD GLDORJLD DQWHULRU SHOD
SHUVSHFWLYD GR WRSR LVWR p GDV RUJDQL]Do}HV H GR VLVWHPD FXOWXUDO RX SHOD SHUVSHFWLYD
Ä½
-2$6 +DQV .1g%/ :ROIJDQJ 7HRULD 6RFLDO YLQWH OLo}HV LQWURGXWyULDV 5LR GH -DQHLUR (GLWRUD 9R]HV
>@SS
Ä¾
?=P=IKO ?KIK @AOC=OPA = PN=@Q^ZK L=N= OPN=EJ LNAOAJPA J=O PN=@Q^lAO >N=OEHAEN=O @A =I>=O =O
K>N=O EOPAI= K?E=H A K?EKHKCE= AKNE= A OPNQPQN= I>=O=IKO = FQOPEBE?=PER= J= =?AEP=^ZK @K PANIK
AJPNA = PAKNE= OK?EKHjCE?= >N=OEHAEN= A K OAQ OAJPE@K EIA@E=PK AI=I>=O=OPAKNE=OEJRÒ@AKQPNKOPANIKO
LKOOdRAEO?KIK=PNE^ZKKQANKOZK

À¿
H RULHQWDo}HV VREUH R WUDWDPHQWR VmR QHFHVViULDV SDUD D RUJDQL]DomR SVLTXLiWULFD 'D PHVPD
PDQHLUD DFXOWXUDHDOHJLVODomRGHYHPVXSRUWDUDLQVWLWXLomRGHWUiVDRUJDQL]DomRHFRRUGHQDU
R VHX IXQFLRQDPHQWR VXEMHWLYDPHQWH SDUD D VRFLHGDGH H REMHWLYDPHQWH SDUD R WUDWDPHQWR
6mRHVVHVDOJXQVGRVLQVXPRV LQSXWV FXMDDUTXLWHWDpD,QWHJUDomR
'H IRUPD VLPLODU D FXVWyGLD SURWHomR VRFLDOL]DomRHWHUDSLDVmRHWDSDVGHWUDWDPHQWR
GHQWUR GH XPD RUJDQL]DomR HVSHFLDOL]DGD QD DSUR[LPDomR HQWUH LQWHJUDomR H DGDSWDomR GH
LQGLYtGXRV H IXQGDPHQWDGD QD LQWHUQDOL]DomR H LQVWLWXFLRQDOL]DomR GH SULQFtSLRV DVVRFLDGRV j
LQVWLWXLomR PpGLFD &RP LQVXPRV D RUJDQL]DomR UHDOL]D REMHWLYRV FXOWXUDOPHQWH
GHWHUPLQDGRV (QWUH HOHVHVWDULDPUHDELOLWDomRGHSDFLHQWHVHGXFDomRGDVRFLHGDGHHGXFDomR
IDPLOLDU DWHQXDomR GR VRIULPHQWR IDPLOLDU IRUPDomR GH UHGHV GH DSRLR WUHLQDPHQWR GRV
GRHQWHV HP SURJUDPDV GH WUDEDOKR 'HVVHV D $GDSWDomR p R SURGXWR ILQDO D FRQFOXVmR GR
SURFHVVRGHUHDELOLWDomRHGXFDomRHWUHLQDPHQWR
2 SUREOHPD FHQWUDOGHVVDSURSRVLomRHVWiQDUHODomRHQWUHLQWHUDomRQRUPDHSDFLHQWH
(VVH PRGHOR DVVXPH D FRUULJLELOLGDGH GH XPJUXSRGHLQGLYtGXRVUHGX]LGRVDXPFRQMXQWRGH
HQJUHQDJHQV GHIHLWXRVDV $ GHQHJULomR GD FRQGLomR GR GRHQWH QmR p UHYHODGRUD VREUH R
WUDWDPHQWR PDV VREUH R FRQGLFLRQDPHQWR PDVFDUDGR SRU QRUPD H QHXWUDOLGDGH +i XPD
FUHQoD TXH R SDFLHQWH TXHLUD FRODERUDU FRP D VXD QRYD DORFDomR GH SDSHO H R WUDWDPHQWRHD
QHJDomR GH XPD FRHUomR VLPEyOLFD RX ItVLFD VREUH R VHX FRUSR $ HVWUXWXUD GD RUJDQL]DomR
GHSHQGH GH VHX IXQFLRQDPHQWR QRUPDWLYR VHQGR JULWDQWH D IDOWD GH DQiOLVH VREUH D UHDomRGD
VRFLHGDGHRXRVHPSHFLOKRVVRFLDLVSDUDDH[HFXomRGHVVHPRGHOR
$R HVFRSR GD UHODomR HQWUH RUJDQL]DomR IXQFLRQDOLVWD H SDFLHQWH IRJH j FRPSUHHQVmR
GH 7DOFRWW 3DUVRQV D LQWHUQDOL]DomR GH XPD FXOWXUD GR WUDWDPHQWR $ FOtQLFD p XPD GDV
UHVSRQViYHLV SHOD IRUPDOL]DomR GDV IRUPDV GH WUDWDU HQWUH PpGLFRV H SDFLHQWHV 6HJXLQGR R
SUySULR HVTXHPD HP HVWLOR SDUVRQLDQR GD SiJLQD DQWHULRU D SUySULD HVWUXWXUD SVLTXLiWULFD
UHSHUFXWH D SRVLomR H R HQFDGHDPHQWR GRWUDWDPHQWR$H[LVWrQFLDGDHVWUXWXUDHDVXDUHODomR
FRP D LQVWLWXLomR SURPRYHP D SHUSHWXDomR GD SUiWLFD PpGLFDHGRKRVSLWDOSVLTXLiWULFRFRPR
PpWRGRGHRUJDQL]DomRDWUDYpVGHXPSULQFtSLRUDFLRQDOLVWD
1mR Ki FRQVWUXomRGHXPSRQWRGHYLVWDLQWHUDFLRQLVWDVXEMHWLYRPHVPRTXHRVLVWHPD
SDUVRQLDQR DOHJXH R FRQWUiULR 1mR IRL FRQIHFFLRQDGR TXDOTXHU TXDGUR GH UHIHUrQFLD SDUD D
LQWHUDomR GR GRHQWH PHQWDO GLYHUJHQWH GDTXHOH IHLWR VREUH R GHVYLDQWH $ YLVmR VLVWrPLFD D

ÀÀ
SDUWLU GD RUJDQL]DomR p FRQVWULWLYD (OD YLVD UHVWULQJLU D DomR GH LQGLYtGXRVSHODDGDSWDomRGR
VHX PRGR GH FRPSRUWDPHQWR &RQIRUPH GHPRQVWUDPRV DR ORQJR GHVVHFDStWXORDDVVRFLDomR
FRP R GHVYLR pGHILQLGRUDWDQWRHP3DUVRQVTXDQGRHP0HUWRQSDUDFREULUDSUySULDQRomRGH
GRHQoD
$Wp PHVPR QD UHFRQVLGHUDomR SDUVRQLDQD GR SDSHO GR GRHQWH HQWUH H R
FRQWUROH GD PHGLFLQD VREUH R WUDWDPHQWR QmR p UHHVWUXWXUDGR 3DUVRQV DOHJDUi UHIRUPXODomR
DFHUFD GD UHODomR HQWUH GRHQoD H GHVYLR DVVLP FRPR DR SDSHO SDVVLYR GR GRHQWH IUHQWH j
LQVWLWXLomRPpGLFD±GRLVREMHWRVGDFUtWLFDDRVHXPRGHOR$FHUFDGRSULPHLURHOHGLUi
'HYR FRQVLGHUDU GHVYLR H FRQWUROH VRFLDO FRPR IHQ{PHQRV SUHRFXSDGRV FRP RV
SUREOHPDV LQWHJUDGRUHV GH XP VLVWHPD VRFLDO'RHQoDVTXHSRGHPRVIDODUFRPRSHOR
PHQRVHPXPDVSHFWRSULPiULRXPFRPSURPHWLPHQWRGDLQWHJUDomRGDSHVVRDGRHQWH
HP UHODFLRQDPHQWRV VROLGiULRV FRP RXWUDV SHVVRDV QD IDPtOLD WUDEDOKR H PXLWRV
RXWURV FRQWH[WRV 9HMD QHVWD SHUVSHFWLYD D WHUDSLD SRGH VHU LQWHUSUHWDGD FRPR VHQGR
SUHGRPLQDQWHPHQWH XP SURFHVVR UHLQWHJUDWLYR 3DUD WHU VXFHVVR HVVH SURFHVVR GHYH
OHYDU HP FRQWD FRQVLGHUDo}HV DGDSWDWLYDV QRWDGDPHQWH R HVWDGR SDWROyJLFR GR
RUJDQLVPR H RX SHUVRQDOLGDGH H QDWXUH]D GRVSUREOHPDVDGDSWDWLYRVGRSDFLHQWHHP

YiULRVDVSHFWRVGHVXDYLGD 7UDGXomR1RVVD

%DVLFDPHQWH 3DUVRQV LQFOXL TXHVW}HV UHIHUHQWHV QmR DR VHX GHVHQYROYLPHQWR GD
GRHQoD RX GRGHVYLRSUy[LPRjVRFLRORJLDGHVLVWHPDV$UHODomRHQWUHLQWHJUDomRHDGDSWDomR
GRV SDFLHQWHV Mi KDYLDP VLGR HODERUDGDV H GLIXQGLGDV SRU RXWURV SHQVDGRUHV GD VRFLRORJLD 2

TXH p IHLWR VHULD D DGHTXDomR GHVVD FRQFHLWXDOL]DomR DR OLQJXDMDU HVWUXWXUDO IXQFLRQDOLVWD
(VVD FDUDFWHUtVWLFDQmRpHVWUDQKDDRPRGXVRSHUDQGLGDIRUPDomRGHVVDWHRULDWHQGRHPYLVWD
D DJUHJDomR VLVWHPiWLFD FRPR EDVHGHIRUPXODomRWHyULFD)D]VHGHYHUDVUHOHYDQWHDLQFOXVmR
GHVVD DILUPDomR HP VHP GHVFRQVLGHUDU D HVWUXWXUD DVVRFLDGD GH WUDWDPHQWR TXDQGR
RXWUDV YHUWHQWHV Mi HVWDYDP HP FRQWHVWDomR j KHJHPRQLD IXQFLRQDOLVWD $GHPDLV QmR p
SHQVDGR QR HVWDGR SDWROyJLFR GD GRHQoD PHQWDO FRPR XP HVWDGR SHUPDQHQWHRXGXUDGRXUR±
SDUD HVWD WHRULD HVWD VHULD D UXtQD D DQRPLD GR VLVWHPD VRFLDO3URFHVVRVUHLQWHJUDWLYRVHXPD
SHUPDQrQFLDGDGRHQoDDWLQJLULDPXPLPSDVVHRQGHRUXtGRRXGLVW~UELRVRFLDOSUHYDOHFHULD
7RGDYLD D FUtWLFD FHQWUDO DR SDSHO GR GRHQWH IRL DFHUFD GD UHODomR HQWUH SDFLHQWH H
PpGLFR QDV DJrQFLDV WHUDSrXWLFDV FRQIRUPH QRPHLD 3DUVRQV (VWXGRV DQWHULRUHV HP HVSHFLDO
Ä¿
=H?KPPDAE?GKHA=J@PDAKHAKBPDADUOE?E=JA?KJOE@ANA@DAEH>=JGAIKNE=H QJ@
Q=NPANHU A=HPD=J@K?EAPUKHÀ¾K¾¼ÄÂÀL½Á»
ÄÀ
?AN?= @= EJPACN=^ZK A =@=LP=^ZK ?KIK?=NNAEN=@K@KAJPAIAJP=HA@=AOBAN=@=OK?EKHKCE=@=O@KAJ^=O
IAJP=EO RAN K OACQJ@K ?=LdPQHK @AOP= @EOOANP=^ZK ¯KN QI= NAOLKOP= EJPAN=?EKJEOP= =K HQC=N @=
EJO=JE@=@A¯

ÀÁ
2 6LVWHPD 6RFLDO SURSXQKDP TXH D UHODomR HQWUH DPERV RV ODGRV SRGHULD VHU VLPpWULFD
MXOJDQGR QmR KDYHU SHUGD GH DJrQFLD SRU SDUWH GR GRHQWH 2 GHVHQYROYLPHQWR GRV HVWXGRV
VRFLROyJLFRV H SVLTXLiWULFRV SURYDUDP D 3DUVRQV R FRQWUiULR 'HQWUR GHVWHV HOHQFDPRV DR
ORQJR GHVWD GLVVHUWDomR 6KLUOH\ $QJULVW (UYLQJ *RIIPDQ 0LFKHO )RXFDXOW H 7KRPDV 6]DV]
FRPR H[SRHQWHV GHVVD FUtWLFD 3DUVRQV UHFRQVLGHURX TXH Ki SRU SULQFtSLR XPD UHODomR
DVVLPpWULFD PDV DLQGD LQVLVWLQGR KDYHU DJrQFLD SRU SDUWH GR GRHQWH QD FRQGLomR GH VHX
SUySULR WUDWDPHQWR $ FUHQoDQDLQVWLWXLomRHQDUHVSRQVDELOLGDGHFRPRIDWRULUUHVFLQGtYHOQmR

pGHVFRQVLGHUDGDRXGHDOJXPDIRUPDUHODWLYL]DGDSHODYHUWHQWHSDUVRQLDQD

&RQFOXVLYDPHQWH R XVR GRV WHUPRV LQVXODU H DQRQLPDWR SHOD ELEOLRJUDILD HVWUXWXUDO
IXQFLRQDOLVWD QRV DSRQWD SDUD D SHUVSHFWLYD GH XPD VRFLHGDGH VDXGiYHO D SDUWLU GD VHSDUDomR

GH VHXV GRHQWHV RX GHVYLDQWHV 6HJXQGR 7DOFRWW 3DUVRQV D GHVRUJDQL]DomR H D SDWRORJLD
DEUHP HVSDoR SDUD IDWRUHV VLPLODUHV j UHEHOLmR H R GHVHQYROYLPHQWR VRFLDO SHOR HVWiJLR GD
LQWHJUDomR 7RGDYLD HP PRPHQWR DOJXP HVVD WUDQVIHUrQFLD p FRQFHELGD SHOD SHUVSHFWLYD GR
SVLFyWLFR ,QVXODU SHUWHQFH DRQtYHOGHUHVSRQVDELOL]DomRH[FHVVLYDGRPpGLFRHGRHQIHUPHLUR
QDV VRFLHGDGHV FRQWHPSRUkQHDV VREUH R LVRODPHQWR H FRQWUROH GH XP FROHWLYR VHP
VROLGDULHGDGH HQTXDQWR R SVLFyWLFR p JHQHUDOL]DGR FRPR QmR FRUUHVSRQGHQWH DR HVWiJLR GH
UHDGHTXDomR UHOHJDGRDRSDSHOGRGRHQWH(QTXDQWRRDQRQLPDWRJDUDQWLULDDHIHUYHVFrQFLDGH
DVSHFWRV VXEMHWLYRV FDWpFWLFRV GXUDQWH R SURFHVVR GH FRQWUROH VRFLDO SULPiULR ± D LQWHUDomR ±
QDSUiWLFDWDLVDVSHFWRVVXEMHWLYRVVmRVXSULPLGRVHPUD]mRGRFROHWLYR
$ IRUPDOL]DomR GD HVWUXWXUD VRFLDO QRUPDWLYD DFRPSDQKD D IRUPDOL]DomR GH XPD
HVWUXWXUD GH HVTXHFLPHQWR GR ORXFR 2V DVSHFWRV UHLQWHJUDWyULRV GRGRHQWHDRPHLRVRFLDOVmR
SDXWDGRV H[FOXVLYDPHQWH QR H[HUFtFLR GD SURILVVmR PpGLFD H QR DFRPSDQKDPHQWR SRU
PHGLGRUHV LQVWLWXFLRQDOL]DGRV QR VLVWHPD FRQFUHWR GH DomR 0HUWRQ H 3DUVRQV DGPLWHP TXHR
GHVHQYROYLPHQWR p GHSHQGHQWH GH VHWRUHV LQTXLHWRV H SRVVLYHOPHQWH PDUJLQDOL]DGRV 3HOD
FRQIRUPLGDGH OLWLJDGD GR SVLFyWLFR D VXD SHUVSHFWLYD GH DVVRFLDomR VROLGiULD SDUD
WUDQVIRUPDomR VRFLDO p QHJDGD $R ORXFR FDEH D QRUPD QmR FDEH D PXGDQoD &RPR D
VRFLRORJLD QmR GRPLQD RV LQVWUXPHQWRV GH FRPSUHHQVmR GD DQRUPDOLGDGH QD HVWUXWXUD GH
SHUVRQDOLGDGHVRPHQWHFDEHDHVWDYLVXDOL]DURVHXLQVXODPHQWRPDQLFRPLDO
ÄÁ
=H?KPPLEP¼ÄÂÀLL½ÁÁ½ÁÃ
ÄÂ
OOQIEIKO EJOQH=N A EJOQH=^ZK ?KIK PN=@Q^lAO =K PANIK EJOQH=PEKJ NAH=PERK =K EOKH=IAJPK @K
L=?EAJPALAHKOIKPERKOPN=P=@KOHÌ@EOOKJKHQC=N@A=JKJUIEPU=@KP=IKO=JKJEI=PK
ÄÃ
=H?KPPLEP¢¼ÄÀ¼£LL¾»¾¾¼»

ÀÂ
)LTXHPRV SRU ILP D QRV YDOHU GRV GL]HUHV GH 0DXUD /RSHV &DQoDGR HP VHWH GH
IHYHUHLURGH
2 SUREOHPD p GH WDO JUDYLGDGH GH WDO PDQHLUD DEDQGRQDGR 6H D HVVrQFLD KXPDQD
FRQWLQXD DLQGD TXDQGR R LQGLYtGXR VH Yr GRHQWHVHQHQKXPDPHWDPRUIRVHRGHVORFD
SDUD XPD HVSpFLH GLIHUHQWH p QHFHVViULR WUDEDOKR e QHFHVViULR DPRUeQHFHVViULRp
QHFHVViULR0DVTXHPVRXHXSDUDPHSURQXQFLDUVHWDPEpPVRXFRQVLGHUDGDGRHQWH"

ÄÄ
%=QN=KLAO KOLd?EKÀQO@EXNEK EK@A =JAENKA?KN@¼ÄÂÄLL¼ÁÁ¼ÁÂ

ÀÃ
&DStWXOR,,
3RUXPDUHVSRVWD,QWHUDFLRQLVWDDR/XJDU
GD,QVDQLGDGH

>@±eTXHHXVyYLPSDUDWHOHIRQDU±GLVVH0DULD
±(VWiEHPEHOH]D±GLVVHDVXSHULRUD ±VHYRFrVHSRUWDUEHPYDLSRGHUIDODUSRUWHOHIRQHFRPTXHPTXLVHU
0DVDJRUDQmRDPDQKm

0$548(=*DEULHO*DUFtD6yYLPWHOHIRQDULQ'R]H&RQWRV3HUHJULQRV

9 &RQWH[WR

1R FRQWR 6y YLP WHOHIRQDU RHVFULWRUFRORPELDQR*DEULHO*DUFtD0DUTXH]QDUUDXP
HSLVyGLR YLYLGR SRU 0DULD GH OD /X] &HUYDQWHV $ SURWDJRQLVWD GLULJLD FRP D FDEHoD HP
DVVXQWRV GD VXD YLGD FRWLGLDQD TXDQGR VHX FDUUR TXHEUD HP SOHQD HVWUDGD ¬ PHUFr GD
FLUFXQVWkQFLD HOD EXVFD DX[tOLR GH XP {QLEXV FXMR PRWRULVWD p R SULPHLUR D DWHQGHU R VHX
FKDPDGR SRU DVVLVWrQFLD 'HVVH PRPHQWR HP GLDQWH R HVFULWRU FRQGX] R WH[WR GH PDQHLUD D
FRQYHQFHU R OHLWRU GH TXH DVVLP TXH R YHtFXOR SDUD 0DULD SRGHUi SHGLU VRFRUUR SRU PHLR GH
XP WHOHIRQHPD 7RGDYLDKiXPUHYpV2TXHSRGHULDVHUXPPHURHSLVyGLRWRUQDVHXPSRQWR
GH LQIOH[mR SDUD D PHPyULD GH VXD YLGD $ SHUVRQDJHP FRPXQLFD D QHFHVVLGDGH GH XVDU R
WHOHIRQH HQWUHWDQWR QmR p DWHQGLGD (OD ILFD FRQIXVD ,QVLVWH ( GH UHSHQWH SHUFHEH TXH
SHUPDQHFHUi HP XP KRVSLWDO SVLTXLiWULFR 1HVVH HVSDoR D QDUUDWLYD GH 0DULD DVVLP FRPR D
KLVWyULD GDV SHVVRDV FRQVLGHUDGDV ORXFDV SDVVD D VHU TXHVWLRQDGD 6XD YR] QmR p PDLV
FRQILiYHO
=>NEAH =N?E= ¯j REIPAHABKJ=N¯ JKVAKJPKOANACNEJKON=@NE?ALKIQ?AJKEK

¼»»
@A =JAENK @ A?KN@ LL ¾¾ ¿¼ QOK @AOP= ALdCN=BA =OOEI ?KIK =?KJOPNQ^ZK@AOAJPE@K=OOK?E=@K=
AH= @ARA NA?KJDA?EIAJPK W B=H= @K NKB N NQJK IANE?D @QN=JPA K ARAJPK AOIKJPA AJPNA =q@A A
N=>=HDK @EXHKCKO ?KJPAILKNYJAKOJ=A@A@AOOEOPaJ?E=OE?KOOK?E=H ¡LKNPN=VAN=NABANaJ?E=@K
PATPK @A =>NEAH =N?E==NMQAVAQI=OAJOE>EHE@=@AL=NPE?QH=NOK>NAKOAQ?KJPAq@KARAJPKBKEOA@E=@K
JK JOPEPQPK @A EHKOKBE= A EaJ?E=O QI=J=O@=JERANOE@=@AOP=@Q=H@A=ILEJ=OJK@E=¼¼@A QJDK@A
½»¼Ä =K H=@K @A Q?E=JK EN= A QHE=J= JPKJAHE AKNC=JEV=@KLKNAOPA=QPKNFQJPK@=OKJEMQAEI=A
@A KZK=N@U

ÀÄ
3DUWLPRVGHVVHLQWULJDQWHFRQWRSRLVQDVSUy[LPDVOLQKDVSUHWHQGHPRVGLVFXWLUGHVGHR
SUySULR ORXFR ± DSHUFHSomRGRVRXWURVGHVLPHVPRDVXDUHODomRFRPRPHLRQRTXDOYLYHH
GD SUySULD ORXFXUD 8P PHLR HVWH TXH VRIUHX WUDQVLo}HV QDV ~OWLPDV GpFDGDV WDQWR QD WHRULD
VRFLROyJLFD TXDQWR QR PXQGR QR TXDO YLYHPRV 3HUJXQWDUHPRQRV UHSHWLGDPHQWH DR ORQJR
GHVWH FDStWXOR TXDO p D QDUUDWLYD VREUH HVVHV LQGLYtGXRV H R SRQWR GD ORXFXUD
6RFLRORJLFDPHQWH p QHFHVViULR QRV SHUJXQWDUPRV VREUH HOH VH UHODFLRQD FRP QyV PHVPRV
3HQVDU GH RQGH YrP D LQVDQLGDGH QR PHLR VRFLDO p XP H[HUFtFLR SDUD D FRQVWUXomR GH XPD
VRFLDELOLGDGH XP FRQYtYLR HQWUH LQGLYtGXRV 8PD DPSOD JDPD GH G~YLGDV VXUJHP VREUH D
LQWHUDomRHDUHODomRFRPRORXFR3RUH[SHULrQFLDIDoDPRVXPD
,PSHWXRVDPHQWH LQGDJDPRQRV TXDO p D FHUWH]D VREUH D ORXFXUD" ([HPSORV VH
DFXPXODP QD SHUFHSomR GHVWH MRYHP SHVTXLVDGRU $ ORXFXUD SRGH VHU VXVVXUUDGD HP YHUVRV
WUrPXORV HP VDODV GH UHXQLmR GH JUXSRV GH DVVLVWrQFLD SVLFRVVRFLDO RQGH D RUJDQL]DomR
FLUFXODU GDV FDGHLUDV SUHVVXS}H XP JHVWR GH IUDQFR WHVWHPXQKR 3RGH VHU YLVWD QR YD]LR
GHL[DGR QD FDUWHLUD HVFROD SHOD DXVrQFLD GD MRYHPDGROHVFHQWHFXMDFyOHUDpUHSULPLGDVHQGR
HQWmR R VHX FRUSR UHPRYLGR SDUD RXWUR HVSDoR R GD IDPtOLD H GR WUDWDPHQWR QmR R GD
HGXFDomR LQVWLWXFLRQDO 3RGH VHU SHUFHELGD QR HVSDoR S~EOLFR XUEDQR RQGH R RGRU H D
DSDUrQFLD GH XP LQGLYtGXR ± WUDQVIRUPDGR HP DOJR YLO SRU SXUD DSDUrQFLD H WUHMHLWRV ±
GHSDUDPVHjLQFOHPrQFLDGRSHGLUHGRIDODUQRDPELHQWHXUEDQR
$V UHODo}HV VmR IHLWDVDVVLPQRPRPHQWRHGLDORJLFDPHQWHHQWUHLQGLYtGXRVPROGDGRV
SRU SHUFHSo}HV H FRQVWUXo}HV SVLFRVVRFLDLV &RPSUHHQGHU R VL H R VHU HVWmR QR FHQWUR GHVVD
GLVFXVVmR VRFLROyJLFD 7DO FRPR0DULDSHODOLWHUDWXUDGH*DEULHO*DUFtD0DUTXH]DORXFDHR
ORXFR VmR IHLWRV VHP YR] 2V GLiORJRV SUHSRQGHUDQWHV VmR DV~SOLFDRXREHUUR(VVHpWUDWDGR
FRP FRQGHVFHQGrQFLD H MXOJDPHQWR R RXWUR FRP LQWHUYHQomR GLUHWD VREUH R FRUSR ±
SVLFRWUySLFR H YLROrQFLD$GLIHUHQoDHQWUHDQRVVDSHUFHSomRHRWH[WROLWHUiULRWRGDYLDpTXH
0DULDHVWiQROXJDUGHVWLQDGRDRGHVYLDQWH±RVQRVVRVORXFRVGHVHMDPRVTXHHVWHMDPOi
$ FDGD XP GHVVHV DFRPSDQKD XPD GRVH GH HVWLJPD±GRMXOJDPHQWRjUHSXOVD0DULD
GH OD /X] &HUYDQWHV FKHJD DR PDQLF{PLR FRP XPD ~QLFD MXVWLILFDWLYD e TXH Vy YLP

WHOHIRQDU 6HX FDUUR TXHEUDGR QD HVWUDGD HOD QmR HVWLJPDWL]D DV RXWUDV PXOKHUHV DRHQWUDU
QR {QLEXV 6HXV FRUSRV LPyYHLV RFXOWDYDP R HVWUDQKDPHQWR WDO FRPR R IRL RFXOWDGR SHOR
¼»¼
E@AIE>E@AIL¾¿

Á»
PRWRULVWD GR {QLEXV H SRU XPDPXOKHU0DULDHVWUDQKDDHVWUXWXUDGRHGLItFLRHDRUJDQL]DomR

GH VXDV JUDGHV H JXDULWDV PDV p R FRPSRUWDPHQWR GDV PXOKHUHV TXH GHVSHUWD HP VXD PHQWH
FRP FODUH]D R FHQiULR $V SDUHGHVHVFDGDULDVRDXWRULWDULVPRGDVJXDUGDVRDQGDUPRURVRH
DWLWXGHV GLODWDGDV GDV SDFLHQWHV DOXGHP DR OXJDU 7DUGH GHPDLV GHVSURYLGD GH LGHQWLILFDomR
RXUHFRQKHFLPHQWRj0DULDpDWULEXtGRHVWLJPDGHHQIHUPDHLQWHUQDGD
$ OLQJXDJHP VREUH R ORXFR VHJXH SUy[LPD jTXHOD IHLWD VREUH R GHVYLDQWH RX R
LQGLYtGXR DJH HP GHVYLR RX DJH HP FRQIRUPLGDGH &RPR HP XP FLUFXLWR GR TXDO QmR Ki
HVFDSDWyULD D FDWHJRUL]DomR VRFLDO VHJXH XPD GLFRWRPLD ELQiULD HQWUH ORXFRV H QRUPDLV 2
FLUFXLWR HP TXHVWmR p UHSUHVHQWDWLYR WDQWR GR PHLR VRFLDO HP FDUiWHU DEVWUDWR FRPR
UHSUHVHQWDWLYRGDGLQkPLFDQRDPELHQWHKRVSLWDODU
$R ORQJR GH QRVVR SULPHLUR FDStWXOR IRL HVWUXWXUDGR R ORXFR 2 HVWUXWXUDO
IXQFLRQDOLVPR GH 7DOFRWW 3DUVRQV H 5REHUW 0HUWRQ VH DILUPD VREUH R LQGLYtGXR ±
FRQVLGHUDQGRR IXQGDPHQWDO QD HVWUXWXUD PDV LQHVFDSiYHO D VXD FDWHJRUL]DomR H SDSHO ¬
HVWUXWXUD FDEH R LQGLYtGXR PDV R LQGLYtGXR QmR FDEH j HVWUXWXUD ,VWR p R ORXFR HQTXDQWR
GRHQWH RFXSD SDSHO H UHSUHVHQWD Do}HV GHWHUPLQDGDV SHORV SDGU}HV 1R HQWDQWR DUJXPHQWRV
SRGHP VHU WUDoDGRV VREUH D SRVLomR GR ORXFR QDREUDIXQFLRQDOLVWDDSDUWLUGHQmRDQWHV
GLVVR (P UD]mR GR GHVHQYROYLPHQWR GD FUtWLFD HVIRUoRV VmR WUDoDGRVSDUDDJUHJDURGRHQWHj
HVWUXWXUD ± HP FRQFRUGkQFLD j SRVWXUD PHWRGROyJLFD HQWUH 3DUVRQVH0HUWRQVHPSHUGHUVHXV
YtQFXORVFRPRFRQWUROHVRFLDO
&RQIRUPH GLVFXWLPRV D GLVFXVVmR SRVWHULRU j SXEOLFDomR GHVVDV REUDV OHYD D XPD
UHIRUPXODomRGRSDSHOGRGRHQWHHPXPDWHRULDTXHVHHVWUXWXUDYDDRORQJRGDVGpFDGDV8PD
WHRULD TXH HQFRQWURX VHXV FUtWLFRV QRV DQRV SRVWHULRUHV $Wp SRXFRV DQRV DQWHV GH VHX
IDOHFLPHQWR 7DOFRWW 3DUVRQV DLQGD GLVFXWLD VREUH R SDSHO GR GRHQWH H UHFRQVLGHUDYD VXDV
FUtWLFDV H FUtWLFRV ID]HQGRQRV FXULRVRV VREUH D UHOHYkQFLD GHVVD GLVFXVVmR H GDV GLVWLQWDV
WHRULDVHPGLYHUJrQFLDVREUHRGHVYLDQWHHPFRQYHUJrQFLDDRGRHQWH
3RQWR VHJXLQWH j QRVVD GLVVHUWDomR R LQWHUDFLRQLVPR VLPEyOLFR KHUGHLUR GH *HRUJH
+HUEHUW 0HDG DSRQWD DOJXPDV FRQWLQXLGDGHV DRV TXHVWLRQDPHQWRV OHYDQWDGRV GXUDQWH R
SULPHLUR FDStWXOR $ WHRULD H DSOLFDomR PHWRGROyJLFD GH LQWHUDFLRQLVWDV VLPEyOLFRV IRUDP
DTXHODV HP GLVSXWD SHOR kPELWR DXWrQWLFRGRHVWXGRVREUHORXFRVGHQWURGDHVFRODVRFLROyJLFD
HVWDGRXQLGHQVH 2 DSDJDPHQWR GD WHRULD HVWUXWXUDO IXQFLRQDOLVWD DOpPGDFKXYDGHFUtWLFDVDR

Á¼
DUFDERXoR WHyULFR HP VXD WRWDOLGDGH SULQFLSLDP R ILP GD DSOLFDomR GHVVH FRUSXVSDUVRQLDQR
$ IRUPDomR GH XPD VRFLRORJLD LQHUHQWH j (VFROD GH &KLFDJR SHUSDVVD D FUtWLFD H D UXSWXUD
SDUFLDO DR PRGHOR HVWUXWXUDO IXQFLRQDOLVWD HP YRJD QD DFDGHPLD QRUWHDPHULFDQD GXUDQWH D
GpFDGD GH ± PRPHQWR QR TXDODGHVFRQVWUXomRGRKRVSLWDOSVLTXLiWULFRFRPHoDDJDQKDU
IRUoD
1RVVR REMHWLYR FRP HVVH FDStWXOR p UHYLVLWDU RV WHPDV GD LQVWLWXFLRQDOL]DomR SHOD
SHUVSHFWLYD LQWHUDFLRQLVWD SDUD DQDOLVDU R HVSDoR GR ORXFR SRU XPD SHUVSHFWLYD VHPL
HVWUXWXUDOL]DQWH H GHULYDGD GH DVSHFWRV YDORUDWLYRV VXEMHWLYRV$GHPDLVRDSURIXQGDPHQWRGD
FDWHJRUL]DomR GR ORXFR p IHLWRSHODVLQWHUDo}HVIDFHDIDFHSHODSHUFHSomRGRORXFRQRROKDUH
QRWUDWRLQGLYLGXDODVVLPFRPRRVHXFRQYtYLRHDGDSWDomRHPXPHVSDoRIXJLGLR
&RQVLGHUDPRV TXH WDO OHLWXUD GHYD VHU FRQGX]LGD VHJXQGR R VHJXLQWH HQFDGHDPHQWR
FRPSUHHQVmR GR OXJDU H FRQWH[WR GHVVD WHRULD D GDVXDSRVWXODomRWHyULFDVREUHRORXFR E
UHOHLWXUDGHXPLQWHUDFLRQLVPRVLPEyOLFRIUHQWHDVXDVSULQFLSDLVFUtWLFDV F
$ UXSWXUD UHIHUHQGDGD QR $PHULFDQ6RFLRORJLFDO5HYLHZHQWUHDVHVFRODVGH&KLFDJRH
+DUYDUG UHVSHFWLYDPHQWH LQWHUDFLRQLVWD VLPEyOLFD HHVWUXWXUDOIXQFLRQDOLVWDSHODVSDODYUDVGH
+HUEHUW %OXPHU VH FRQVROLGDUDP FRPR XP PDUFR KLVWyULFR VRFLROyJLFR 2 IDWR HDDQiOLVHGR
IDWR IRUDP GLVFXWLGDV H UHFRQVWUXtGDV QR WH[WR GH -HIIUH\ $OH[DQGHU H[HPSODUPHQWH OLGR H
GLVFXWLGR QR FRUSXV XQLYHUVLWiULR WUDGX]LGR QR SRUWXJXrV SDUD 2 QRYR PRYLPHQWR WHyULFR
5HWRPDQGR HVVD GLVFXVVmR QRV LQGDJDPRV TXDLV RV IDWRUHV H YDULiYHLV HVWmR HP MRJR SDUD D
GLIHUHQFLDomRHQWUHDPEDVHVFRODVVRFLROyJLFDV7DOTXHVWLRQDPHQWRpSDXWDGRQDSUR[LPLGDGH
FRQFHLWXDOHQWUHRVDXWRUHVDTXLGHEDWLGRVQDDQiOLVHVREUHRORXFRHRGHVYLR
6REUH R kPELWR WHyULFR WUrV REUDV JRIIPDQLDQDV VH GHVWDFDP WHPSRUDOPHQWH L

0DQLF{PLRV &RQYHQWRV H 3ULV}HV LL (VWLJPD H LLL 7KH ,QVDQLW\ RI3ODFH

2 QRVVR HQIRTXH p FHQWUDGR QD VHJXQGD REUD (VWLJPD GHYLGRDVXDVLQJXODULGDGH
HQTXDQWR SURSRVWD VRFLROyJLFD D LQYHVWLJDomR EHP VXFHGLGD GD VXEMHWLYLGDGH GR ORXFR SRU
PpWRGRV VRFLROyJLFRV $V GHPDLV REUDV QR HQWDQWR VH DGHTXDP j GLVFXVVmR FRUUHQWH H
IRUQHFHP SRU YH]HVXPDSRLRDRHVWXGRVRFLROyJLFRGDORXFXUDTXDQWRXPVHYHURGLDJQyVWLFR
¼»½
NREJC =JE?kIEKO NEOlAO A KJRAJPKO Ä¸ A@ N=@ =JPA KNAEN= AEPA ZK =QHK
ANOLA?PER=½»¼À¢¼ÄÁ¼£¾¼½L
¼»¾
NREJC OPECI= KP=O OK>NA = =JELQH=^ZK @= @AJPE@=@A APANEKN=@= ¿= A@E^ZK N=@
XN?E=>=J@AEN=@AAHHKAEPAQJAOEK@A =JAENK¼ÄÃÃ¢¼ÄÁ¾£¼ÀÃL
¼»¿
NREJCDA JO=JEPUKBH=?A JAH=PEKJOEJQ>HE?E?NKOPQ@EAOKBPDAQ>HE?N@ANAS
KNG=OE?KKGO¼ÄÂ¼¢¼ÄÁÄ£LL¾¾À¾Ä»

Á½
GH pSRFD UHIHUHQWH j YLVmR VRFLROyJLFD FRP D LQWHJUDomR H DGDSWDomR GR ORXFR 'HVVD IRUPD
DSyV DV H[SRVLo}HV FHQWUDLV WUDQVLWDPRV HQWUH HODV QD FRQVWUXomR GR FRUSR WHyULFR VREUH R
ORXFR $ SULPHLUD REUD VH UHIHUHDQRYRVHQFDPLQKDPHQWRVVXJHULGRVjLQVWLWXFLRQDOL]DomRHD
H[HFXomR GH HVWXGRV PLFURVVRFLROyJLFRV SDUD YLVXDOL]DomR GD VROLGDULHGDGH GR ORXFR $
~OWLPD WRGDYLD p SHUWLQHQWH D XP GRV ~OWLPRV WH[WRV GH *RIIPDQ VREUH R WHPD 2 HQVDLR GH
(UYLQJ *RIIPDQ j LQVDQLGDGHGROXJDUpUHSUHVHQWDWLYDWDQWRGDFUtWLFDODWHQWHjSVLTXLDWULDHj
VRFLRORJLD DGMXQWD GRV DQRV &RPR XP MRJXHWH OLQJXtVWLFR FRP R VHX DYHVVR ± TXDO p
SRUWDQWRROXJDUGDLQVDQLGDGHQRPHLRVRFLDO"
7HQWDPRV DSURIXQGDU HVVH LPSDVVH D SDUWLU GR HL[R ELEOLRJUiILFR H[SRVWR QHVVD
GLVVHUWDomR SRUpP QHP PHVPR 7DOFRWW 3DUVRQV 5REHUW 0HUWRQ RX 0LFKHO )RXFDXOWSDUHFHP
GHWHU UHVSRVWDV FODUDV %XVFDPRV HQWmR HP RXWURV DXWRUHV SRVWHULRUHV HLQVHULGRVQHVWHGHEDWH
GH IRUPD WDQJHQFLDO j QRVVD VREUH R ORXFR H OXJDU VRFLDO 7KRPDV 6]DV] $QGUHZ 6FXOO H
$QGUHZ 6RORPRQ WRFDP QHYUDOJLFDPHQWH QD GLVFXVVmR HP (UYLQJ *RIIPDQ LPDQHQWH HP
0DQLF{PLRV3ULV}HVH&RQYHQWRV (VWLJPDHHP7KH,QVDQLW\RI3ODFH
'L]HPRV TXH 6]DV] 6FXOO H 6RORPRQ UHILQDP D OHLWXUD LQWHUDFLRQLVWD SHODV VHJXLQWHV

UD]}HV $V SDODYUDV GH 7KRPDV 6]DV] QR HQVDLR 7KH 0\WK RI 0HQWDO ,OOQHVV HP
JHUDUDP UHSHUFXVV}HV QR FDPSR SVLTXLiWULFR H DFDGrPLFR DOpP GH XP DOLFHUFH SDUD 7KH
,QVDQLW\ RI 3ODFH GH *RIIPDQ HP 2 DUWLJR SXEOLFDGR HP QR SHULyGLFR +LVWRU\ RI

3V\FKLDWU\ H UHSXEOLFDGR HPFROHWkQHDGH7KH,QVDQLW\RI3ODFH7KH3ODFHRI,QVDQLW\
GH $QGUHZ 6FXOO SURGX]LX UHOHLWXUDV FRQWHPSRUkQHDV VREUH D UHODomR GD VRFLRORJLD FRP D
GRHQoD PHQWDO H VHXV H[SRHQWHV HP YHUYH KLVWyULFR VRFLROyJLFD &DEH D 6FXOODFRQWUDGLomRj
WHRULD DTXL H[SRVWD H HOXFLGDGD 3DUD HOH FRPR YHUHPRV D QRUPDWLYLGDGH VREUH R ORXFR H R
FRQWUROH VREUH R VHX HVSDoR QmR p R SUREOHPD PDV D VROXomR ¬ SULPHLUD YLVWD GHVFRODGR
WHyULFD H WHPSRUDOPHQWH GR GHEDWH LQWHUDFLRQLVWD SURSRVWR SRU*RIIPDQHP(VWLJPD$QGUHZ
¼»À
DKI=O DA UPD KB AJP=H HHJAOO J =IAO AP K>ANP KNC¡
EKIA@E?=H PDE?O =J@ PDA =S AS KNG HAJQI NAOO ¼ÄÂÁ ¢¼ÄÀÂ£ LL ¼¼¾¼½¾ AJO=EK @A DKI=O
V=OV =MQE NABANE@K BKE KNECEJ=HIAJPA LQ>HE?=@K JK RKHQIA ¼À @K DA IANE?=J OU?DKHKCEOP KNC=JEV=@K
LAH= IANE?=J OU?DKHKCE?=H OOK?E=PEKJ LAO=N @A JZK PANIKO AJ?KJPN=@K = PKP=HE@=@A @= BKJPA KNECEJ=H
@KPATPKAHABKENALQ>HE?=@KAIOQ=EJPACN=HE@=@AREJPA=JKO@ALKEOJK?KILaJ@EK?EP=@K
¼»Á
J@NAS DA EJO=JEPU KB LH=?A EOPKNU KB OU?DE=PNU RKH ¼À JK ¿ ½»»¿ LL ¿¼Â¿¾Á
J@NAS DA JO=JEPU KB H=?ADA H=?A KB JO=JEPU AOO=UO KJ PDA DEOPKNU KB LOU?DE=PNU AS KNG
KQPHA@CA½»»Á½ÀÂL

Á¾
6RORPRQ FRUURERUD XP VLVWHPD EHP SUy[LPR GH DQiOLVH GH HQWUHYLVWDV QR FDStWXOR VREUH

HVTXL]RIUrQLFRVHP/RQJHGDÈUYRUH
(QWUH GRHQoD PHQWDO HVWLJPD H HVTXL]RIUHQLD Ki XPD WUDQVYHUVDOLGDGH WHPiWLFD
VXEMDFHQWH D XP FRQWH[WR DFDGrPLFR VRFLROyJLFR (VFODUHoDPRV $ WHRULD VRFLROyJLFD QmR p
GDGD p FRQVWUXtGD -i GLDORJDPRV QR SULPHLUR FDStWXOR VREUH XPD YHUWHQWH SRXFR H[SORUDGD
QD VRFLRORJLD EUDVLOHLUD GR FUX]DPHQWR HQWUH HVWUXWXUDO IXQFLRQDOLVPR H GRHQoD PHQWDO $V
UHODo}HV HQWUH XPD VRFLRORJLD QRUWHDPHULFDQD FRP R LQWHUDFLRQLVPR VLPEyOLFR HP FRQWDWR
FRP D ORXFXUD p DIHWDGD VLQFURQLFDPHQWH ,VWR ppDIHWDGDSHODVLGDVHYLQGDV±DSUR[LPDo}HV
H GLVWDQFLDPHQWRV ± FRP XP HVWUXWXUDO IXQFLRQDOLVPR HP YLJrQFLD H HP GHFDGrQFLD QDV
GpFDGDV GH H (QTXDQWR *RIIPDQ FUtWLFD D DERUGDJHP HVWUXWXUDQWH GD ORXFXUD HP
(VWLJPD H HP 7KH ,QVDQLW\ RI 3ODFH HVVD FRQVWUXomR WHyULFD QmR SRGH VHU IHLWD VHPDOXGLUDR
HVWUXWXUDOIXQFLRQDOLVPR
9, 8PDHVWUXWXUDHPGLVSXWD
'H 5REHUW 3DUN H (UQHVW %XUJHVV D +HUEHUW %OXPHU (UYLQJ *RIIPDQ H +RZDUG
%HFNHU XPD DPSOD JDPDGHVRFLyORJRVQRUWHDPHULFDQRVSHUSDVVDUDPD³QRYD´8QLYHUVLGDGH
GH &KLFDJR FRPR IRL DSHOLGDGR R VHX GHSDUWDPHQWR GH 6RFLRORJLD IXQGDGR HP 3RU

XPD ³IRUWH PDUp GH IHUYRU EDWLVWD H ILODQWURSLD FDSLWDOLVWD´ D (VFROD GH &KLFDJR WHYH SRU
OLGHUDQoD HP $OELRQ 6PDOO XP VRFLyORJR H PLQLVWUR EDWLVWD HQTXDQWR HUDP ILQDQFLDGRV SHOD
IDPtOLD 5RFNHIHOOHU (VVD WUDMHWyULD VHJXH DWp D GpFDGD GH RQGH DOJXQV HVWXGRV
MXVWLILFDP DWUDYpV GD WHRULD GH $OYLQ *RXOGQHU 7KH &RPLQJ &ULVLV RI :HVWHUQ 6RFLRORJ\ R
GHFOtQLR H TXHGD GDV JHUDo}HV GD (VFROD GH &KLFDJR (VVH DUJXPHQWR HVWi UHIHUHQGDGR QR
DUWLJR GH -DPHV &KULVV LQWLWXODGR ³6RPH 7KRXJKWV RQ 5HFHQW (IIRUWV WR )XUWKHU 6\VWHPDWL]H

*RIIPDQ´ 2XWURV SHQVDGRUHV FRPR R VRFLyORJR 'HQQLV 6PLWK QR OLYUR 7KH &KLFDJR
6FKRRO DFUHGLWDP QD IRUPDomR H GLUHomR GD (VFROD GH &KLFDJR SHORV SUHVLGHQWHV GR
¼»Â
J@NAS OMQEVKBNAJE= J KJCA @= NRKNA L=EOBEHDKOA=>QO?=@=E@AJPE@=@AEJ@HAA@
ZK=QHKKIL=JDE=@=OAPN=O½»¼¾
¼»Ã
AJJEO DA DE?=CK?DKKHHE>AN=H?NEPEMQAKB=LEP=HEOIASKNGP=NPEJONAOO¼ÄÃÃ
L¼
¼»Ä
=IAO KIA DKQCDPO KJ A?AJP BBKNPO PK QNPDAN UOPAI=PEVA KBBI=J EJ K?EKHKCE?=H
KNQIKH¼»JK¼¼ÄÄÀLL¼ÂÂ¼ÃÁ

Á¿
GHSDUWDPHQWR VHQGR HVWHV FRPR FDSLWmHV RX GLUHWRUHV GH DJrQFLD WmR SROtWLFD TXDQWR
DFDGrPLFD SDUD GHILQLU UXPRV H GHVWLQRV QXP RFHDQR GH PHWRGRORJLDV HP EXVFD GH
ILQDQFLDPHQWR 1HVVD YLVmR D SUHVHQoDHSDUWLFLSDomRGDJHUDomRGH+HUEHUW%OXPHU+RZDUG
%HFNHUH(UYLQJ*RIIPDQQmRUHSUHVHQWDPDFRQWLQXLGDGHGRSHQVDPHQWRGD(VFRODPDVXPD
UXSWXUD6HJXQGR'HQQLV6PLWK
e WHQWDGRU IDODU GH XPD TXDUWD JHUDomR GD (VFROD GH &KLFDJR 1D UHDOLGDGH H[LVWHP
GXDV 8PD GHODV p D(VFRODGH&KLFDJRGH+HUEHUW%OXPHUIRUPDGRQRGHSDUWDPHQWR
GXUDQWH RV DQRV (VWD HVFROD GHLQWHUDFLRQLVPRVLPEyOLFRWUDoDVXDVRULJHQVDWp
R WUDEDOKR GH 0HDG H UHLYLQGLFD 7KRPDV 3DUN H +XJKHV HQWUH RVVHXVFRODERUDGRUHV
LQLFLDLV $R FRQWUiULR GD HVFROD GH VHJXQGD JHUDomR TXHGLUHFLRQDYDVXDDWHQomRSDUD
D FLGDGH HVVD HVFROD GHTXDUWDJHUDomRFRQFHQWUDVHQDH[SORUDomRGRHX 1RHQWDQWR
Ki RXWUD HVFROD GH TXDUWD JHUDomR HP &KLFDJR DVVRFLDGD D 0RUULV -DQRZLW] (OH
SUHVLGLX R GHSDUWDPHQWR GH VRFLRORJLD GH &KLFDJR HQWUH H SHUtRGR TXH
WHVWHPXQKRX XP IRUWH UHQDVFLPHQWR GH XPD YLJRURVD WUDGLomR WHyULFD H HPStULFD GH
SHVTXLVDQDHVIHUDGDVRFLRORJLDXUEDQD 7UDGXomRQRVVD

'HQQLV 6PLWK UHFRQKHFH H HORJLD SURIXVDPHQWH D REUD GH (UYLQJ *RIIPDQ HP VHX
OLYUR PDV R TXH YHPRV DTXL p D GLVSXWD SHOD OHJLWLPLGDGH GH XP FDPSR $ UHODomR GD
8QLYHUVLGDGH GH &KLFDJR FRP DV GLVWLQWDV iUHDV GH FRQKHFLPHQWR IRL SURIXQGD H YDULDGD ±
WHQGR SRU YH]HV R HVSDoR GD FLGDGH GH &KLFDJR FRPR R VHX QRUWH SRU RXWUDV R FHQWUR IRL D
FRPSUHHQVmR GR LQGLYtGXR 2X FRPR QR FDVR GH (UYLQJ *RIIPDQ H +RZDUG %HFNHU IH]VH
XPD MXQomR GRV GRLV SDUD D FRPSUHHQVmR GH XPDRXWUDSRVVLELOLGDGHTXHUHVVLJQLILFDDHVIHUD
GDVRFLRORJLDXUEDQDHQWmRFRPSUHHQGLGD
1mRREVWDQWHpFHQWUDOSDUDQyVTXHRPHVPRHYHQWRpFRPSUHHQGLGRGHIRUPDVLPLODU
SRU DPEDV DV YHUWHQWHVVXSUDFLWDGDVRGLVWDQFLDPHQWRGD(VFRODGH&KLFDJRGRVLVWHPDVRFLDO
FULDGR H PDQWLGR SHOD WHRULD HVWUXWXUDO IXQFLRQDOLVWD &RPSUHHQGHVHKDYHUXPDFRQMXQomRGH
IDWRUHV SDUD D QDUUDWLYD DVVLP VH GHVHQYROYHU 7DOFRWW 3DUVRQV HVWHYH SUHVHQWH HP &KLFDJR
SDUDOHFLRQDUFRPRSHVTXLVDGRUYLVLWDQWHHPDSUHVHQWDQGRXPDQRDQWHVSDUWHGDVLGHLDV
G $ (VWUXWXUD GD $omR 6RFLDO 'H WRGD IRUPD 7DOFRWW 3DUVRQV WDPEpP HVWHYH HP SRVLomR
DYDQWDMDGD ± SURILVVLRQDO SROtWLFD H DFDGHPLFDPHQWH SDUD HVWXGDU GH IRUPD FDWHJyULFD D
WHRULD VRFLDO H RXVR GL]HU TXLoi FUtWLFD D VRFLHGDGH HXURSHLD (QWUH H 3DUVRQVVH
GHGLFRX DR HVWXGR GD DVFHQVmR GR QD]LIDVFLPR HXURSHX &RQWLJXDPHQWH HOH H[SDQGLX D VXD
UHGH FRP D SRVLomR DGTXLULGD SDUD GLYXOJDU R TXH YLULD D VHU R 6LVWHPD 6RFLDO H 7RZDUGV D
¼¼»
AJJEOLEP¼ÄÃÃLÀ

ÁÀ
*HQHUDO 7KHRU\ RI $FWLRQ HVWD ~OWLPD MXQWR GH (GZDUG 6KLOV SURIHVVRU DVVRFLDGR GD
8QLYHUVLGDGH GH &KLFDJR GHVGH H SHVTXLVDGRU DVVLVWHQWH DQWHULRUPHQWH D LVVR (QWUH
H D WHRULD HVWUXWXUDO IXQFLRQDOLVWD IRUQHFHX D (VFROD GH &KLFDJR FRPSDVVR SDUD
XPD SURGXomR FLHQWtILFD TXH QmR GLIHUHQFLDYD WHPDWLFDPHQWH GDV JHUDo}HV DQWHULRUHV GH
&KLFDJR $ HVWUXWXUD UDFLRQDO DEVWUDWD ± YROXQWDULVWD QR PRGHOR SDUVRQLDQR D LQVWLWXLomR
FRPR FRUSR DEVWUDWR UHSUHVHQWDWLYR GH YDORUHV KXPDQRV H XPD UHODomR HQWUH PRUDO H
LQWHJUDomR GD RUGHP VRFLDO VmR SHUPDQrQFLDV GRV HVWXGRV GH 5REHUW 3DUN H (UQHVW %XUJHVV

MXVWLILFDQGRDUHFHSomRSDUVRQLDQDHP&KLFDJR
(P +HUEHUW %OXPHU UHIHUHQGDULD QD $PHULFDQ 6RFLRORJLFDO 5HYLHZ D FUtWLFD
LQWHUDFLRQLVWD DR HVWUXWXUDO IXQFLRQDOLVPR SDUVRQLDQR (QWUH GRLV HL[RV FHQWUDLV ± D GLVSHUVmR
GD SUREOHPiWLFD FLHQWtILFD HVWUXWXUDO IXQFLRQDOLVWD QD SOHWRUD FRQFHLWXDO HDILQH]DVLQWpWLFDGD
DQiOLVH LQWHUDFLRQLVWD ± pFRQVWLWXtGDDGHOLPLWDomRGHXPDWHRULDVLVWrPLFDLQFDSD]GHDERUGDU
R PXQGR QDWXUDO DQDOLWLFDPHQWH IUHQWH DR UHVJDWH GD EDVH SUDJPDWLVWD HP UHODomR HPStULFD
FRP R HVSDoR 3UHIHUHVH FRQFHLWRV YDULiYHLVDSOLFiYHLVHPVLWXDo}HVFRQFUHWDVDIRUPDVIL[DV

GHH[SUHVVmRLQWHUQDVDRVLVWHPD
&RQVLGHUDQGR TXH WDO FKDYH LPSOLFD QD DSUHHQVmR GLVWLQWD VREUH DUHODomRHQWUHDomRH
HVWUXWXUD p SHUFHELGD D IOXLGH] GH XPD HVWUXWXUD LQWHUDFLRQLVWD SDXWDGD QD YDULDELOLGDGH GR
FDVRFRQFUHWR(PFODUDFUtWLFD%OXPHUDILUPDULD
2SURFHGLPHQWRFRQYHQFLRQDOGRVVRFLyORJRVp D LGHQWLILFDUDVRFLHGDGHKXPDQD RX

SDUWH GHOD HP WHUPRV GH XPD IRUPD HVWDEHOHFLGD RX RUJDQL]DGD E SDUD LGHQWLILFDU
DOJXP IDWRU RX FRQGLomR GH PXGDQoDTXHDIHWDDVRFLHGDGHKXPDQDRXDSDUWHGDGDH
F LGHQWLILFDU D QRYD IRUPD DVVXPLGD SHOD VRFLHGDGH DSyV D FRQGXWD GR IDWRU GH
PXGDQoD 0LQKD SUHRFXSDomR DTXLQmRpFRPDYDOLGDGHGHWDLVSURSRVLo}HVPDV
FRP D SRVLomR PHWRGROyJLFD TXH HODV SUHVVXS}HP (VVHQFLDOPHQWH WDLV SURSRVLo}HV
RX LJQRUDP R SDSHO GR FRPSRUWDPHQWR LQWHUSUHWDWLYR GDV XQLGDGHV GH DomR HP XP
GDGR PRPHQWR GH PXGDQoD RX FRQVLGHUDP R FRPSRUWDPHQWR LQWHUSUHWDWLYR FRDJLGR

SHORIDWRUGHPXGDQoD 7UDGXomRQRVVD
'HULYDGDV GD HQWUDGD HVWUXWXUDO IXQFLRQDOLVWD D LQVHUomR GD SUREOHPiWLFD QR VLVWHPD
VRFLDO p FRQWUDSRVWD SHOD YHUYH LQWHUDFLRQLVWD GH %OXPHU SHOD KHUDQoD DFDGrPLFD UHVJDWDGD
¼¼¼
@AIE>E@AILL¼¿»¼¿Á
¼¼½
B AN>ANP D=P EO NKJC SEPD K?E=H DAKNU J IANE?=J K?EKHKCE?=H AREAS KH ¼Ä
K¼ ARANAENK@A¼ÄÀ¿LL¼¿Ã¼À½
¼¼¾
AN>ANPK?EAPU=OOUI>KHE?EJPAN=?PEKJEOI JUI>KHE? JPAN=?PEKJEOI ANGAHAUJERANOEPU
KB=HEBKNJE=NAOO¼ÄÁÄLÃÃÃÄ

ÁÁ
HP *HRUJH +HUEHUW 0HDG SRU H[HPSOR H D LPSUHYLVLELOLGDGH GR IDWRU LQWHUSUHWDWLYR 6H R
PRGHOR DQDOtWLFR p LQFOXVLYR H DGDSWDWLYR GD UHDOLGDGH VRFLDO HVVD SHUVSHFWLYD DFHUFD GR
LQWHUDFLRQLVPR VLPEyOLFR YLVD D DQiOLVH GH JUXSRV UHVWULWRV HQTXDQWR XQLGDGHV GH DQiOLVH
1HVVH FDVR R SDSHO p GHVHQYROYLGR HQTXDQWR SDUWH GD VLWXDomR SHODVXQLGDGHVHPLQWHUDomRH
VXDV UHDo}HV $ UHFXVD j LQFOXVmR GH XPD IRUPD RUJDQL]DFLRQDO UtJLGD H HVWUXWXUDGD HP VXD
REUD GHQRWDP D SULPD]LD GD UHDOLGDGH HPStULFD DR SDVVR TXH VH RS}H SHUSHQGLFXODUPHQWH j
SURSRVWDGHDVVRFLDomRHQWUHDomRHHVWUXWXUDSDUVRQLDQD
3RU XP ODGR D OHLWXUD GH +HUEHUW %OXPHU UHSUHVHQWD R GLVFXUVR GH XPD DOD GD (VFROD
GH &KLFDJR GXUDQWH R SHUtRGR GH UHLQVHUomR GR LQWHUDFLRQLVPR QR FDPSR GH GHEDWH GD WHRULD
VRFLROyJLFD QRUWHDPHULFDQD 3UH]RXVH SRU XPD PHWRGRORJLD GD REVHUYDomR GLUHWD H D
SHUPDQrQFLD GH FRQFHLWXDOL]Do}HV GH 0HDG LQYpV GD DSOLFDomR GH FRQFHLWRV JHQHUDOL]DQWHV

FRPXPHQWH DVVRFLDGRV DR IXQFLRQDOLVPR 3RU RXWUR D FRPSUHHQVmR GH (UYLQJ *RIIPDQ
DFHUFDGRHXIH]VHHPUHODomRDSDSpLVVRFLDOPHQWHHVWUXWXUDGRV
'HIRUPDVLPLODU-HIIUH\$OH[DQGHUDRUHIHUHQFLDUDVFUtWLFDVGDVWHRULDVGHFRQIOLWRDR
HVWUXWXUDO IXQFLRQDOLVPR SDUVRQLDQR HYLGHQFLD DV IDOKDV GH 7DOFRWW 3DUVRQV DR OLGDU FRP D

VtQWHVHGDWHRULDVRFLROyJLFDFOiVVLFD 1DYLVmRGH$OH[DQGHU
3DUVRQV WHQWRX DFDEDUGHXPDYH]SRUWRGDVFRPDVµHVFRODVHPFRQIOLWR¶ « $SHVDU

GH UHFRQKHFHU R FDUiWHU FRQWLQJHQWH GD DomR HOH HVWDYD PDLV LQWHUHVVDGR QD
VRFLDOL]DomR GRV LQGLYtGXRVDSHVDUGHIRUPDOPHQWHLQFRUSRUDUDVHVWUXWXUDVPDWHULDLV

HOHVHGHGLFRXPXLWRPDLVjWHRUL]DomRGRFRQWUROHQRUPDWLYR
1mR HVFDSRX GH *RIIPDQ WRGDYLD XPD FUtWLFD SUHFLVD j IRUPDV GH SHQVDU H
RUJDQL]DomR GD WHRULD GR GHVYLR VLPLODU jTXHOD GR HVWUXWXUDO IXQFLRQDOLVPR H D VXD
FRPSUHHQVmRGRFDPSRSVLTXLiWULFR
e QRWiYHO TXH DTXHOHV TXH VH RFXSDP GDV FLrQFLDV VRFLDLV WHQKDPVH KDELWXDGR FRP
WDQWD IDFLOLGDGH DR XVR GR WHUPR GHVYLDQWH FRPR VH DTXHOHV D TXHP R WHUPR p
DSOLFDGR WLYHVVHP HP FRPXP WDQWDV FRLVDV VLJQLILFDWLYDV TXH HOHV SRGHULDP VHU
FRQVLGHUDGRV FRPR XP WRGR $VVLP FRPR Ki GLVW~UELRV LDWURJrQLFRV FDXVDGRV SHOR
WUDEDOKR TXH UHDOL]DP RV PpGLFRV R TXH HQWmR OKHV Gi PDLV WUDEDOKR Ki WDPEpP
¼¼¿
@AIE>E@LÁ
¼¼À
ABBNAUJKRKIKREIAJPKPAjNE?KAREOP=N=OEHAEN=@AEaJ?E=OK?E=EOJ¿KH½
QJDK@A¼ÄÃÂL½Ã
¼¼Á
@AIE>E@AIL¼½

ÁÂ
FDWHJRULDV GH SHVVRDV TXH VmR FULDGDV SHORV HVWXGLRVRVGDVRFLHGDGHHHQWmRSRUHOHV

HVWXGDGDV
$ WHPiWLFD GR GHVYLR H GR GHVYLDQWH SHUFRUUH WUDQVYHUVDOPHQWH WRGD D GLVFXVVmR DWp R
PRPHQWR ± GHVGH R HVWUXWXUDO IXQFLRQDOLVPR GH 7DOFRWW 3DUVRQV H 5REHUW 0HUWRQ DR
LQWHUDFLRQLVPR VLPEyOLFR GH (UYLQJ *RIIPDQ (QTXDQWR OHJDGR GD WHRULD GXUNKHLPQLDQD R
GHVYLR GHVYHODDSUHRFXSDomRQmRWmRVRPHQWHGDREHGLrQFLDjQRUPDQRDPSORVLVWHPDVRFLDO
± FRQVLGHUDGDV HQWUH DV GLYHUVDV IRUPXODo}HV WLSROyJLFDV GR WHUPR ± PDV D UHODomR HQWUH
LQGLYtGXRV FDWHJRUL]DGRV H GLVWLQWRV VRFLDOPHQWH GDTXHOHV HP SOHQD UHSUHVHQWDomR GDV
LQVWLWXLo}HV VRFLDLV 1HVVD SHUVSHFWLYD *RIIPDQ SDUWH GR SURFHVVR LQYHUVR DR SHQVDPHQWR
DQDOtWLFR DR HVWXGDU D HVWUXWXUD $ UHODomR GR HX FRP D FRQVROLGDomR GRVSDSpLVpYLVXDOL]DGD
GLVWLQWLYDPHQWH GR TXDGUR GH UHIHUrQFLD JHUDO QR TXDO D FDWHJRUL]DomR p IHLWD GH IRUPD D
HVSHUDUHFRQGX]LUjQRUPDOL]DomRGRVLQGLYtGXRVGHVYLDQWHV
1RV SRORV GH SHVTXLVD DFDGrPLFD H FLHQWtILFD Ki XPD RXWUD DUJXPHQWDomR SHOD
SULPD]LD GR LQWHUDFLRQLVPR FRPR SHUVSHFWLYD VREUH R GHVYLR 2 HQIRTXH QD XWLOL]DomR
DSOLFiYHO GD PLFURVVRFLRORJLD H R GHPpULWR GD WHRULD SRU VLVyOHYDPDPDLRUFLUFXODomRGHVVD
DVVRFLDomR HP UD]mR GD HVSHFLDOL]DomR GD VRFLRORJLD HP FDPSR GH GHVFREHUWD H DQiOLVH
FRQFUHWDGDUHDOLGDGH
(VVH IDWRUHV VH DFXPXODPDOpPGDFUtWLFDMiIHLWDVREUHRFDPSRSDUVRQLDQRHPEDVDGD
QD GLILFXOGDGH GH HODERUDomR GH OHLWXUDV FUtWLFDV SHOD HOLPLQDomR GHVVDV SUySULDV IRUPDV GH
DQiOLVH
$GHPDLV R LQWHUDFLRQLVPR VLPEyOLFR p FUtWLFR H FULWLFDPHQWH DPSOR QD VXD OHLWXUD GD
WHRULD GR GHVYLR HYLGHQFLDQGR FDPLQKRV FODURVHREMHWLYRVVREUHDDQiOLVHHPStULFD%HFNHUH
*RIIPDQ VmR DPERV VLJQLILFDWLYRV GHVVD H[SDQVmR (QTXDQWR %OXPHU UHSUHVHQWD XPD UXSWXUD
DEHUWD DR HVWUXWXUDO IXQFLRQDOLVPR 5XSWXUD HVVD TXH LQGDJDPRV p SURGXWR GR VHX WHPSR RX
GHULYDGDGHXPDSUySULDGLIHUHQFLDomRHSLVWHPROyJLFD"
+i XP HVIRUoR GH GLVWDQFLDPHQWR H GLIHUHQFLDomR HQWUH DPEDV DVWHRULDVSRUWUDMHWyULD
GH GHVHQYROYLPHQWR WHyULFR PDV FXMRV IDWRUHV GLYHUJHQWHV VH SHUGHP HP QRVVR WHPSR
KLVWyULFR &RP D H[LVWrQFLD GH GLVWLQWDV WHRULDVHSURFHGLPHQWRVVRFLROyJLFRVHPQRVVRWHPSR
NREJCOPECI=¿=A@E^ZKN=@XN?E=>=J@AEN=@AAHHKAEPAQJAOEK@A =JAENK
¼¼Â
¼ÄÃÃ¢¼ÄÁ¾£L¼À¼

ÁÃ
SUHVHQWH p GLItFLO HVWDEHOHFHU GLIHUHQoDV TXH QmR VHMDP WUDWDGDV HP EDVH KLVWyULFD H
FRQWH[WXDO
$FUHGLWDPRV TXH HVVH SHUFXUVR GH GHWHUPLQDomR H KHJHPRQLD WHyULFD SRGH VHU
FRPSUHHQGLGR SHOR HVWLJPD JRIIPDQLDQR H R IUDPHZRUN GH %HFNHU 7UDEDOKRV HQYROYHQGR
PLFURVVRFLRORJLD VREUH GHVYLR H HVWLJPD DLQGD SHUVHYHUDP HQWUH HL[RV DQDOtWLFRV
HVWDGXQLGHQVHV HQTXDQWR D WHRULD SDUVRQLDQD VREUHYLYH HP UHLQYHQo}HV FRPR R
QHRIXQFLRQDOLVPRRXHPWtPLGDVUHOHLWXUDV
( D QyVKiXPLQWHUHVVHHPGLVFXWLUSUHSRQGHUkQFLDVWHyULFDVFRPRSHUFXUVR3DUDQyV
VHUYH MXVWLILFDU D SUHVHQoD GH XP DUFDERXoR FRQGL]HQWH FRP D OHLWXUD LQWHUDFLRQLVWDV H
UHSHUFXVVmR GD VXD YDOLGDGH HQTXDQWR D UHFtSURFD QmR p YHUGDGHLUD DR IXQFLRQDOLVPR ±SHODV
P~OWLSODV UD]}HV DSUHVHQWDGDV QR ~OWLPRFDStWXOR)D]VHQHFHVViULRHQWHQGHURSHUFXUVRGHVVD
PLFURVVRFLRORJLD JRIIPDQLDQD SRU VXDV RULJHQV H GLiORJRV DSUR[LPDGRV HQWUH D (VFROD GH
&KLFDJR H FRODERUDGRUHV 'HVVD IRUPD p IHLWRR(VWLJPDRVPDQLF{PLRVHRVRXWVLGHUVFRPR
ILJXUDVFHQWUDLVHLQWHUFRPXQLFDWLYDVDRORQJRGDVGpFDGDV
9,, 2OXJDUGRORXFRHPHVWLJPD
3URSLFLDU R HQFRQWUR WUDQVYHUVDO GHVVHV DXWRUHV GHYH VHU YLVWR FRPR XPD FRQMXQomR
XPD RUJDQL]DomR WHyULFD FXMR FHQWUR VHMD (UYLQJ *RIIPDQ (QWUH RV OLYURV GD REUD
JRIIPDQLDQD DWUDYHVVDGRVQHVWDGLVVHUWDomRKiDLQVWLWXLomRRHVSDoRHRHVWLJPDHPWRUQRDR
ORXFR H j ORXFXUD(QWUH0DQLF{PLRV3ULV}HVH&RQYHQWRV(VWLJPDH7KH,QVDQLW\RI3ODFH p

SRVVtYHO DOHJDU XPD FRQWLQXLGDGH GH GHVHQYROYLPHQWR FRQFHLWXDO FRP UXSWXUDV &DEH
¼¼Ã
LNK@Q^ZK @A NREJC KBBI=J PAI OE@K K>FAPK @A AOPQ@K A KNC=JEV=^ZK @AO@A K OAQ B=HA?EIAJPK AI
¼ÄÃ½ =NCQIAJP=^ZK QPEHEV=@= LKN =HCQJO @A OAQO =J=HEOP=O ` AI>=O=@= AI @KEO =NCQIAJPKO ACQJ@K
=IAO DNEOO AI KIA DKQCDPO KJ A?AJP BBKNPO PK QNPDAN UOPAI=PEVA KBBI=J KO OAQO PAI=O A
Jq?HAKO @A =>KN@=CAI BKN=I ALEOj@E?KO =K HKJCK @=?=NNAEN=PAJ@KNAPKNJKO>NARAOAI=NPECKOAAJO=EKO
JOPEPQE^lAO PKP=EO ?KILKNP=IAJPK Lq>HE?K EJPAN=^ZK AOPN=P`CE?= A KQPNAI BKN=I PAI=O REOEP=@KO A
PN=>=HD=@KO = BQJ@K LKN KBBI=J LKNÌ ?KJPEJQ=IAJPA NAREOEP=@KO PEHEV=J@K = PAKNE= @K =@RAJPK @=
?NEOA @A HREJ KQH@JAN OK?EjHKCKO J= @`?=@= @A ¼ÄÃ» A ¼ÄÄ» L=OO=N=I = FQOPEBE?=N = EJ?ANPAV=A@EOLQP=
AJPNA XNA=O =?=@aIE?=OL=N=@ABEJEN=OQ=K>N=OACQJ@KIK@AHKO@A=JXHEOA@=@==OQ=LNjLNE=NAHQPYJ?E=
AI B=VaHK =IAO KIA DKQCDPO KJ A?AJP BBKNPO PK QNPDAN UOPAI=PEVA KBBI=J EJ
K?EKHKCE?=H KNQIKH¼»JK¼¼ÄÄÀLL¼ÂÂ¼ÃÁ

ÁÄ
FRQVLGHUiODV HQWUH HVVHV GRLV PHDQGURV ± HQWUH R GHVHQYROYLPHQWR WHyULFR H DV

WUDQVIRUPDo}HVRXSDXVDVQDFRQVWUXomR

(VVDV REUDV DR ODGR GH &RPSRUWDPHQWR HP /XJDUHV 3~EOLFRV H 5HSUHVHQWDomR GR

(X QD YLGD FRWLGLDQD IRUPDP XPD FRQWLQXLGDGH FRP D DQiOLVH DTXL SURSRVWD DLQGD TXH
HVFDSHP GR HVFRSR GDV REUDV UHFRUWDGDV $ GRHQoD PHQWDO H R FRPSRUWDPHQWR GR GRHQWH
PHQWDO SHUPDQHFHP FRPR H[HPSORV FODURV QD DUJXPHQWDomR 1mR REVWDQWH HOD p XP SRQWR
FHQWUDO HP &RPSRUWDPHQWRV HP /XJDUHV 3~EOLFRV VHQGR R TXHVWLRQDPHQWR JRIIPDQLDQR
DFHUFD GD HVWUXWXUD GD DQiOLVH VRFLROyJLFD VREUH D ORXFXUD6HQGRDVVLPDSHUVSHFWLYDVREUHD
LQWHUDomR HP *RIIPDQ VHJXHP XP FRQWLQXXPGHVGH5HSUHVHQWDomRGR(XQDYLGDFRWLGLDQD
SXEOLFDGR HP DWp (VWLJPD HP Ki D SHUPDQrQFLD GH VHXV SULPHLURV FDPSRV GH
HVWXGR ± D RUJDQL]DomR VRFLDO SHOR HVWXGR GD LQWHUDomR VLPEyOLFD PLFURVVRFLROyJLFD H
FRPSRUWDPHQWDO &RPSRUWDPHQWR S~EOLFR LQVWLWXLo}HV H D LQWHUDomR HVWUDWpJLFD VH DOWHUQDP
HQWUH DQiOLVHV SRU YH]HV GHQWUR GDPHVPDREUDHPXLWDVYH]HVDFHUFDGDUHODomRGRGRHQWHRX
SDFLHQWH FRP R HVSDoR VRFLDO (VVH FRQMXQWR WHUi UHOHYDQWH LQFLGrQFLD VREUH DV OHLWXUDV ILQDLV
DTXL LQFOXtGDV HP HVSHFLDO 7KH ,QVDQLW\ RI 3ODFH SRU LQFOXLU XP MXt]RHQFDPLQKDGRVREUHDV
SHUVSHFWLYDVSUHVHQWHVQHVVDVREUDV
3RU XP ODGR DV FRQWLQXLGDGHV VmR UHSUHVHQWDWLYDV GH SHTXHQDV UXSWXUDV QD WUDQVLomR
DFDGrPLFD GH *RIIPDQ GD DQiOLVH GH HVSDoRV SULYDGRV D HVSDoRV S~EOLFRV GD PHGLFLQD j
IDPtOLD FRPR LQVWLWXLomR 3RU RXWUR D SRVLomR GH*RIIPDQpGLVSRVWDHQWUHFDPSRVDOKHLRVGD
SVLTXLDWULD±HQWUHDRSRVLomRGHXPPLWRGDORXFXUDjHWLTXHWDomRGRORXFR
$UXSWXUDpRSLQiFXORGDDQiOLVH (VWLJPDUHSUHVHQWDXPHVSOHQGRUDQDOtWLFRSRUWRFDU
HP XP QHUYR VLQJXODU 2 HVWLJPD p WDQWR D UXSWXUD FRP D QRUPDOLGDGH FRPR D

GHVFUHGLELOLGDGH SHOD SHUFHSomR GH XP DWULEXWR *RIIPDQ SHUFHEH H GHQRWD XPD
FDUDFWHUtVWLFD VLQJXODU GD GHVFULomR FDSD] GH FRQILJXUDU R GHVFUpGLWR 'HQWUR GR FRQMXQWR GD
¼¼Ä
KJBKNIA ` IAJ?EKJ=@K AI ?=@= ?=LdPQHK A J= JPNK@Q^ZK =?AN?= @= HAEPQN= @=O K>N=O ?AJPN=EO @AOO=
@EOOANP=^ZK BKE @=@= LNABANaJ?E= =KO PATPKO KNECEJ=EO LQ>HE?=@KO AI HdJCQ= EJCHAO= L=N= IAHDKN
?KILNAAJOZK @K RK?=>QHXNEK A AJ?=@A=IAJPK @AO?NEPERK A =NCQIAJP=PERK @KO =QPKNAO Q=J@K LKOOdRAH
?KHK?=IKO = NABANaJ?E= =K PATPK AI LKNPQCQaO ?KI JqIANK @=LXCEJ=PN=@Q^ZKAA@E^ZK?KNNAOLKJ@AJPA
K AJP=JPK MQ=JPK =KO PATPKO =QOAJPAO @A PN=@Q^ZK KBE?E=H PN=@QVEIKO A @AI=N?=IKO = PN=@Q^ZK @=
L=OO=CAI?KIKPANIKN=@Q^ZKKOO=
¼½»
NREJCAD=REKNEJQ>HE?H=?AOJKPAOKJPDAK?E=HNC=JEV=PEKJKB =PDANEJCASKNG
DA NAANAOO¼ÄÁÁ¢¼ÄÁ¾£½¿ÃL
¼½¼
NREJCNAOAJP=PEKJKBAHBEJARANU@=UHEBA@EJ>QNCDJERANOEPUKB@EJ>QNCD¼ÄÀÁ¼Á¾L
¼½½
NREJCLEP¼ÄÃÃ¢¼ÄÁ¾£LL¼À¼Á

Â»
REUD R HVWLJPD p DHPLQrQFLDGDVHSDUDomRHQWUHQRUPDOHORXFRejFDWHJRUL]DomRTXHVHJXH

R SUHFRQFHLWR D RFXOWDomR H R ODXGR PpGLFR 2 (VWLJPD WDPEpP p D UHIOH[mR GH DOJR
HVWDEHOHFLGR SRU *RIIPDQ HP &RPSRUWDPHQWRV HP /XJDUHV3~EOLFRVeXPDTXHEUDQRHVWLOR
GHDQiOLVHSDUDHVWXGDUVREQRYRROKDU2HVWXGRGDVLPSURSULHGDGHVVHGHEUXoRXPDLVVREUHR

DQRUPDOGRTXHVREUHDVUHJUDVHRVFtUFXORVDIHWDGRVSHODDQRUPDOLGDGH
(VVD SHUFHSomR SDUWLFXODU VREUH D REUD GH (UYLQJ *RIIPDQ VH GHULYD GH GRLV IDWRUHV
3ULPHLUDPHQWH DWUDYpV GD OHLWXUD LPDQHQWH GHVVH DXWRU IRL SHUFHELGR FRQVHFXWLYDPHQWH TXH
(VWLJPD D REUD FHQWUDO SDUD HVVH FDStWXOR GLDORJD FRP DV REUDV DQWHULRUHV H SRGH VHU YLVWD
FRPR XP SRQWR GH LQIOH[mR DSyV DQRV GH SHVTXLVD GR DXWRU 'HVVD IRUPD (VWLJPD SRGH VHU
YLVWR WDQWR GHQWUR GR FRQWLQXXP FRPR SRU VL Vy (VFROKHPRV SRU UHODFLRQDU DPERV
6HFXQGDULDPHQWH SHOD OHLWXUD GH LQWHUORFXWRUHV GH VXD REUD FRPR $QGUHZ 6FXOO H 7KRPDV
6FKHIIIRLUHDILUPDGDXPDSRVWXUDDGHXPPRGHORVRFLROyJLFRGHFRPSRUWDPHQWRLQGLYLGXDO

HVRFLDOUHODFLRQDGRjGRHQoDPHQWDO(VWHPRGHORSRVVXL(UYLQJ*RIIPDQFRPRPDUFR
6HJXLQGRDQRUPDFRPHFHPRVSHODSURSRVLomRWUD]LGDVQRLQtFLRGHVWHFDStWXORDFHUFD
GDV REUDV GH *RIIPDQ VREUH D GRHQoD PHQWDO H R OXJDU (PIRLSXEOLFDGR0DQLF{PLRV
3ULV}HV H &RQYHQWRV LQWLWXODGR $V\OXPV ± (VVD\V RQ WKH 6RFLDO 6LWXDWLRQ RI 0HQWDO 3DWLHQWV
DQG 2WKHU ,QPDWHV &RPR EUHYH FRQWH[WXDOL]DomR $V\OXPV FRPSUHHQGH RHVWXGRHWQRJUiILFR
GH WUrV FRUSRV LQVWLWXFLRQDLV QRV (VWDGRV 8QLGRV SHOR SHVTXLVDGRU YLGH XP PDQLF{PLR XPD
SULVmR H XP FRQYHQWR 2 IRUPDWR FDSLWXODU VHSDUD R OLYUR HP GXDV SDUWHV $ SULPHLUD SDUWH
FRQGL] FRP XPD DQiOLVH FRQMXQWD GHVVDV LQVWLWXLo}HV D SDUWLU GD GLVWLQomR GR FRQFHLWR GH
LQVWLWXLomR GD GHILQLomR GH LQVWLWXLo}HV WRWDLV (PVXDSUySULDOLQJXDJHPRSULPHLURFDVR
FRUUHVSRQGH D HVWDEHOHFLPHQWRV ± LQVWLWXLo}HV ± VmRORFDLVWDLVFRPRVDODVFRQMXQWRVGH

VDODV HGLItFLRV RX IiEULFDV HP TXH RFRUUH DWLYLGDGH GH GHWHUPLQDGR WLSR (ODV SRGHP
IRUQHFHU ORFDLV SDUD DV DWLYLGDGHV RQGH WHPSR H LQWHUDomR VHULDP UHYHUWLGRV HP REWHQomR GH
¼½¾
NREJCAD=REKNEJQ>HE?H=?AOJKPAOKJPDAK?E=HNC=JEV=PEKJKB =PDANEJCASKNG
DA NAANAOO¼ÄÁÁ¢¼ÄÁ¾£LL¾À

$GHPDLV D GLVFXVVmR VREUH QRUPD H DQRUPDOLGDGH HVWi SUHVHQWH GH IRUPD FHQWUDGD QR SULPHLUR DVSHFWR DR
ORQJR GR &DStWXOR , $ /RXFXUD HQWUH 1RUPD H 'HVYLR $ QRUPD HVVD JUDQGH FRQVWUXomR DWUDYpV GR TXDO p
FRQVWUXtGD JUDQGH SDUWH GD WHRULD GD DomR H R VLVWHPD VRFLDO HVWUXWXUDO IXQFLRQDOLVWD QHVWH FDStWXOR DVVXPH XPD
SRVLomRSRUYH]HVDYHVVDjQRVVDOHLWXUDHDFRQVWUXomRDUJXPHQWDWLYDVREUHRDXWRUHDREUDFKDYH
¼½À
AOO= @ECNAOOZK ?KJOE@AN=IKO ?KIK K>N= ?AJPN=H @A DKI=O ?DABB AEJC AJP=HHU HHK?EKHKCE?=H
PQ@U ?KIK QI= @=O LNEIAEN=O = NA?KJDA?AN AOO= LKOE^ZK @A NREJC KBBI=J L=N= = PAKNE= OK?EKHjCE?=
JKNPA =IANE?=J= A = ?KJPEJQE@=@A @A OAQ ?=ILK @A =JXHEOA B DKI=O AEJC AJP=HHU HH
K?EKHKCE?=HPQ@UASKNGH@EJA@A NQUPAN¼ÄÄÄ¢¼ÄÃ¿£
¼½Á
NREJCLEP½»¼À¢¼ÄÁ¼£L¼À

Â¼

XP VWDWXV VRFLDO UHSUHVHQWDELOLGDGH GH VHX SDSHO DTXLVLomR ILQDQFHLUD RX DILQV 7RGDYLD
LQVWLWXLo}HV VRFLDLV SRVVXHP XPD UHODomR GLVWLQWD FRP D GXDOLGDGH WHPSR H LQWHUDomR VmR
LVRODGDV ItVLFD HRX HVSDFLDOPHQWH UHVWULWDV SRU EDUUHLUDVQDWXUDLVRXIDEULFDGDV2LVRODPHQWR
p R OLPLDU HQWUH D LQGLYLGXDOL]DomR IRUoDGD GHQWUH LQGLYtGXRV H D VHSDUDomR GR DFHVVR DR
FRQYtYLR VRFLDO 1HVVH PRGHOR LQVWLWXFLRQDO D HVIHUD GD VHJXUDQoD p UHJXODGD SHOR JUDX GH
DPHDoD UHSUHVHQWDGR SHOD TXDOLGDGH GD DWLYLGDGH UHDOL]DGD QR VHX LQWHULRU VREUH RV
LQGLYtGXRV LQWHUQDGRV RX SHORV LQGLYtGXRV LQWHUQDGRV ± FRQVFLHQWH RX LQFRQVFLHQWHPHQWH
6HMDXPFRQYHQWRDEDGLDPRVWHLURXPUHWLURGHPHGLWDomRLQWHUQDWRXPDSODWDIRUPDGH
H[WUDomR SHWUROtIHUD XVLQD QXFOHDU RX TXDUWHO PLOLWDU D DWLYLGDGH GHILQH D SHUPDQrQFLD GD
LQVWLWXLomR 1RV GRLV RXWURV FDVRV SRU RXWURODGRDRUJDQL]DomRVRFLDOGHOLPLWDDSUHVHUYDomR
GR LQGLYtGXR RX GD VRFLHGDGH FRPR IDWRU GDUHVWULomR'HVVDIRUPDDDPHDoDQmRLQWHQFLRQDO
GH XP GRHQWH HSLGrPLFR RX GH XP HVTXL]RIUrQLFR HP FULVH p GLVWLQWD QR SULPHLUR FDVR

GDTXHODUHSUHVHQWDGDSRUXPGHWHQWRSULVLRQDO
&RQYHQFLRQDGDV HQTXDQWR OXJDUHV QR HVSDoR P~OWLSODV LQVWLWXLo}HV VmR SHUFRUULGDV
URWLQHLUDPHQWH SRU LQGLYtGXRV HP FRQYtYLR VRFLDO FRQVWLWXLQGR XP FRUSR VRFLDO
FRSDUWLFLSDQWH HP GLYHUVDV HVIHUDV H VRE GLIHUHQWHV RUJDQL]Do}HV (VVD DILUPDomR QmR p
YHUGDGHLUD VREUH RV LQGLYtGXRV UHVLGHQWHV HP LQVWLWXLo}HV VRFLDLV RQGH HVVD FLUFXODomR p
YHGDGD H DV VHSDUDo}HV HQWUH RV HVSDoRV GD YLGD VmR HOLPLQDGRV 3URILVVLRQDLV SRVVXHP XPD
UHODomR GLVWLQWD FRP R HVSDoR PDQLFRPLDO DVVLP FRPR RV IDPLOLDUHV GRV SDFLHQWHV 3DUD RV
SDFLHQWHV D VHSDUDomR p WRWDO GHQWUR H IRUD $RV WHPSRUiULRV FDEH R OLPLDU HQWUH HVVDV GXDV
GLPHQV}HV
$ HVVD PDQHLUD D YLGD GRV ORXFRV LQWHUQDGRV HP LQVWLWXLo}HV WRWDLV VH HQTXDGUD QRV
VHJXLQWHVSDUkPHWURVGHFRQWUROHVRFLDOHQTXDQWRXPJUXSRGHLQWHUQDGRV
(P SULPHLUR OXJDU WRGRV RV DVSHFWRV GD YLGD VmR UHDOL]DGRV QR PHVPR ORFDO H VRE
XPD ~QLFD DXWRULGDGH(PVHJXQGROXJDUFDGDIDVHGDDWLYLGDGHGLiULDGRSDUWLFLSDQWH
p UHDOL]DGD QD FRPSDQKLD LPHGLDWD GH XP JUXSR UHODWLYDPHQWH JUDQGH GH RXWUDV
SHVVRDV WRGDV HODV WUDWDGDV GDPHVPDIRUPDHREULJDGDVDID]HUDVPHVPDVFRLVDVHP
FRQMXQWR (P WHUFHLUR OXJDU WRGDV DV DWLYLGDGHV GLiULDV VmR ULJRURVDPHQWH
HVWDEHOHFLGDV HP KRUiULRV SRLV XPD DWLYLGDGH OHYD HP WHPSR SUHGHWHUPLQDGR j
¼½Â
KPA MQA JK =LdPQHK = @ABEJE^ZK NABANAJPA = EJOPEPQE^ZK A EJOPEPQE^ZK OK?E=H JZK JA?AOO=NE=IAJPA
OACQA W NEO?= K ?EN?QJO?NEPK LKN NREJC KBBI=J QOK@A=H?KPP=NOKJO@=L=H=RN=EJOPEPQE^ZKOAIAO?H=
?KI K OAJPE@K @A EJOPEPQE^ZK OK?E=H PAJ@K NAH=^ZK ?KI = ?KILNAAJOZK AJPNA K =>OPN=PK A K ?KJ?NAPK =
REOZK L=NOKJE=J= ?KIK QI= ?A>KH= = EJOPEPQE^ZKOK?E=HNACAOQ=OEJOPEPQE^lAOLAH=O@EOPEJP=O?=I=@=OMQA
@ERE@AIKIQJ@K?KJ?NAPK@=OKNC=JEV=^lAO@KOEOPAI=OK?E=HMQAKCKRANJ=I
¼½Ã
NREJCLEP½»¼À¢¼ÄÁ¼£LL¼Á¼Â

Â½
VHJXLQWH H WRGD D VHTXrQFLD GH DWLYLGDGHV p LPSRVWD GH FLPD SRU XP VLVWHPD GH

UHJUDVIRUPDLVH[SOtFLWDVHXPJUXSRGHIXQFLRQiULRV
$ FRQVFLrQFLD RX LQFRQVFLrQFLD GR DWR GD DJUHVVmR H D H[FHomR GD UHSUHVHQWDomR GR
SDSHO SRU FULPH RX GRHQoD VmR GLVWLQWLYRV SDUD DFDWHJRUL]DomRGHGHVYLR$TXHEUDGDQRUPD
HRX GRV YDORUHV DWUHODGRV j REMHWLYRV LQVWLWXFLRQDOL]DGRV VLJQLILFDP R GHVYLR &RQIRUPH
GLVFXWLGR QR SULPHLUR FDStWXOR GHVWD GLVVHUWDomR D FRQMXQWXUD GDWHRULDGRGHVYLRUHODFLRQDGR
j GRHQoD PHQWDO FRQVLVWH QD DSUR[LPDomR H GLVWDQFLDPHQWR HQWUH GHVYLR H SDSHO GR GRHQWH
VLFN UROH (VVH DUJXPHQWR SHUVLVWH QD UHODomR HQWUH QRUPDV VRFLDLVHQRUPDVELROyJLFDVFRP
D UHJXODomR H D FRQIRUPLGDGH GH LQGLYtGXRV $ LQWHUSUHWDomR GR FRPSRUWDPHQWR GR GRHQWH
PHQWDO FRPR GHVYLR VRFLDO SRVVXL FRQRWDo}HV GLVWLQWDV HP FtUFXORV GH SVLTXLDWUDV H GH
VRFLyORJRV (QTXDQWR R EHP HVWDU GR LQGLYtGXR p PHGLGR HP DVVHUo}HV WRWDLV FRPR QD
GXDOLGDGH HQWUHGRHQWHHVDGLRGHVHTXLOtEULRHUHHTXLOtEULRRUJDQL]DomRHGHVRUJDQL]DomRSRU
H[HPSOR DV FLrQFLDV KXPDQDV VH SUHRFXSDP FRP RXWURV PHGLGRUHV TXDOLWDWLYRV UHODo}HV

LQWHUDo}HV LQVWLWXLo}HV H RUJDQL]Do}HV $OpP GLVVR D IRUPDomR GH JUXSRV GH SDFLHQWHV RX
H[ SDFLHQWHV p IHLWD GH IRUPD GLYHUJHQWH jTXHOD HVWXGDGD HP RXWURV FRQWH[WRV YLGH 1HOV
$QGHUVRQ HP 7KH +RER RX +RZDUG %HFNHU HP 2XWVLGHUV 'HVYLDQWHV VH DVVRFLDP IUHQWH jV
LQVWLWXLo}HV GH SRGHU RUGHQV VRFLDLV H VHXV DJHQWHV VLQFURQLFDPHQWH j IRUPDOL]DomR GH VHX

GHVYLR FRPR RV P~VLFRV GH -D]] RX RV PRUDGRUHV GH UXD HP &KLFDJR $ UHFtSURFD QmR p
YHUGDGHLUD SDUD GRHQWHV PHQWDLV SRLV QmR Ki XP HVWLOR GH YLGD RX OLYUH RUJDQL]DomR HQWUH
LQGLYtGXRV VXEMHWLYDPHQWH GLVWLQWRV ± FXMD VLPLODULGDGH p IHLWD D SULQFtSLR XQLODWHUDOPHQWH
(VWDVLPLODULGDGHMiGHQRPLQDPRVpRHVWLJPD
2V GRHQWHV PHQWDLV VmR XP FRQMXQWR GH SHUVRQDOLGDGHV H FDUDFWHUtVWLFDV GLYHUJHQWHV
FXMR VWDWXV XQLIRUPH p DWULEXtGR KLHUDUTXLFDPHQWH D LQGLYtGXRV FXMD LGHQWLGDGH DVVRFLDVH j
DQRUPDOLGDGH 2V ORXFRV VmR ORFDOL]DGRV KLVWRULFDPHQWH HQWUH RV HVWLJPDV GH ³SHFDGRU´
³FULPLQRVR´ H ³GRHQWH´ FRPR DVVHQWLX 7KRPDV 6]DV] DR EXVFDU HVVH GHVYLDQWH VRFLDO HP

UHODomR j QRUPDOLGDGH 7RGDYLD R ORXFR p UHVJXDUGDGR OHJDOPHQWH SHOR SVLTXLDWUD IRUHQVH
¼½Ä
@AIE>E@LL¼Â¼Ã
¼¾»
KNG=OE?KKGO¼ÄÂ¼¢¼ÄÁÄ£L¾ÀÂ
¼¾¼
AHO DA K>K DAK?EKHKCUKBPDA KIAHAOO=JDE?=CKJERANOEPUKBDE?=CKNAOO
¼Ä½¾ ¾»½ L KS=N@ QPOE@ANO OPQ@KO @A OK?EKHKCE= @K @AOREK EK @A =JAENK =D=N ¼ÄÄ¼
¢¼ÄÁ¾£½½ÂL
¼¾½
LANOLA?PER= ALEOPAIKHjCE?= =@KP=@= LKN DKI=O V=OV JAOOA =NPECK @A ¼ÄÀÃ@APÌOAIAHD=J^=?KI
=MQAH= ATLHKN=@= LNKBQJ@=IAJPA LKN E?DAH KQ?=QHP J= EOPjNE= @= KQ?QN= A AI L=NPAO @= EOPjNE= @=
ATQ=HE@=@A ?KJBKNIA =@AJPN=IKO JK PAN?AENK ?=LdPQHK @AOP=@EOOANP=^ZK KEAO?KHDE@KI=JPANV=OV=MQE

Â¾
SRLV D LQDELOLGDGH GR FRQWUROH GH VXDV IDFXOGDGHV PHQWDLVRDEVROYHGDUHVSRQVDELOLGDGHOHJDO

SHORPDXFRPSRUWDPHQWRS~EOLFR
¬ HVVD UHFHLWD p SRVVtYHO DFUHVFHQWDU jV GLVFXVV}HV SUHVHQWHV VREUH D SUySULD GRHQoD
PHQWDODVVLPFRPRRSDSHOGRHVWLJPD
(P7KRPDV6]DV]SXEOLFRXXPDUWLJRQRSHULyGLFR7KH$PHULFDQ3V\FKRORJLVW
LQWLWXODGR 7KH 0\WK RI 0HQWDO ,OOQHVV WtWXOR TXH YHLR D WHU VXD REUD KRP{QLPD TXDWUR DQRV
GHSRLV 6]DV] HQWmR SURIHVVRU GH SVLTXLDWULD QD 6WDWH 8QLYHUVLW\ RI 1HZ <RUN WHULD DR ORQJR
GDV SUy[LPDV GpFDGDV XPD SURGXomR DFDGrPLFD HP HYLGHQWH FRQWHVWDomR D SDGU}HV
FRQFHLWXDLV GD SVLTXLDWULD VREUH D GRHQoD PHQWDO $ SRVLomR DFDGrPLFDHDSRVWXUDGLVFXUVLYD
QRV WH[WRV GH 7KRPDV 6]DV] HUJXHUDPQR HP UHODomR D RXWUR DUFDERXoR VREUH R HVWXGR GD
GRHQoD PHQWDORGDDQWLSVLTXLDWULDFRPSHVTXLVDGRUHVFRPR'DYLG&RSSHUHRFRQIOLWRFRP
R HL[R FRQFHSWRSURFHGXUDO GH *UHJRU\ %DWHVRQ (QWUDU QHVVD GLVFXVVmR WRGDYLD VHULD
VXILFLHQWH SDUD RXWUD FRQVWUXomR GLVVHUWDWLYD GH EDVH IHQRPHQROyJLFD H FRP RXWUR UHFRUWH DR
DTXL SURSRVWR 1mR GHVFDUWDPRV GH IRUPD DOJXPD D VXD UHOHYkQFLD RX D QHFHVVLGDGH
FRQWHPSRUkQHD GH QRYRV PHUJXOKRV 1RV LQWHUHVVD FRPR DV SDODYUDV GH 7KRPDV 6]DV] QRV
SHUPLWHP GHVHQYROYHU (UYLQJ *RIIPDQ 3DUD LVWR 2 0LWR GD 'RHQoD 0HQWDO QmR p R ~QLFR
WH[WRFRPRUHSUHVHQWDPRVQRSDUiJUDIRDQWHULRU
(P YLpV HSLVWHPROyJLFR VLPLODU D *RIIPDQ R TXHVWLRQDPHQWR SDUD 6]DV] p 2TXHVH

TXHU GL]HU TXDQGR VH DILUPD TXH DOJXpPHVWiGRHQWHPHQWDO" 7UDGXomRQRVVD eLQYHUWLGR
R SROR $QWHV GH VH PHUJXOKDU SHOD QRUPDWLYLGDGH GH GHILQLU R ORXFR 6]DV] SUHWHUH HVVD
SUHUURJDWLYD H HQYHUHGD SRU RXWUR FDPLQKR ± SRU TXr R ORXFR" &RPR *RIIPDQ R ID]
REVHUYDQGR R FRUSR GH IXQFLRQiULRV GR KRVSLWDO SVLTXLiWULFR DVXDKLHUDUTXLDDSHUFHSomRGR
VXMHLWR VREUH R VL HQTXDQWR VHU DQRUPDODVLQWHUDo}HVHREMHWLYDo}HVGRVRXWURVVREUHDTXHOH
VHQGRDTXHOHRORXFR±6]DV]HVWiSUHRFXSDGRFRPRFRQVWUXFWRVRFLDOGHXPFRQFHLWR
4XDQGR DILUPR TXH D GRHQoD PHQWDO p XP PLWR QmRHVWRXGL]HQGRTXHDLQIHOLFLGDGH
SHVVRDO H R FRPSRUWDPHQWR VRFLDOPHQWH GHVYLDGR QmR H[LVWDPRTXHHVWRXGL]HQGRp
TXHRVFDWHJRUL]DPRVFRPRGRHQoDVSRUQRVVDFRQWDHULVFR
$H[SUHVVmRGRHQoDPHQWDOpXPDPHWiIRUDTXHFRQIXQGLPRVFRPXPIDWR
'HQRPLQDPRV SHVVRDV ILVLFDPHQWH GRHQWHV TXDQGR R IXQFLRQDPHQWR GR FRUSR YLROD
FHUWDV QRUPDV DQDW{PLFDV H ILVLROyJLFDV 6LPLODUPHQWH FKDPDPRV DV SHVVRDV GH
LAH= LNKTEIE@=@A @A OAQ @A>=PA =K @A NREJC KBBI=J A @KO EJPAN=?EKJEOP=O AJ@K AI REOP= MQA DX QI=
LNKTEIE@=@APAILKN=HNACEKJ=HALNKBEOOEKJ=HAJPNA=I>KO
¼¾¾
DKI=OOU?DE=PNUPDE?O=J@PDANEIEJ=H=SKHQI>E==SAREASKHÀÃK½¼ÄÀÃLL
¼Ã¾¼ÄÃ
¼¾¿
DKI=OLEP¼ÄÂÁ¢¼ÄÀÂ£L¼½»

Â¿
GRHQWHV PHQWDLV TXDQGR VXD FRQGXWD SHVVRDO YLROD FHUWDV QRUPDV pWLFDV SROtWLFDV H

VRFLDLV 7UDGXomRQRVVD
2 SUREOHPD GH 7KRPDV 6]DV] FRP R FRQFHLWR H[SOLFDWLYR LQWLWXODGR GRHQoD PHQWDO p
SUy[LPR jTXHOH UHVSRQViYHO SHOR GLVWDQFLDPHQWR HQWUH LQWHUDFLRQLVWDV VLPEyOLFRV H R
HVWUXWXUDO IXQFLRQDOLVPR D VLPXOWkQHD RQLVFLrQFLD H GLVVLPXODomR GD WRWDOLGDGH $ GRHQoD
PHQWDO RFXOWD R LQGLYtGXR HP VXD HVVrQFLD SDUD UHSUHVHQWiOR FRPR FDWHJRULDGDGRRXFRUSR
6]DV] QmR ILJXUDGHPROLUDSVLTXLDWULDDRFRQWHVWDUXPGRVVHXVSLODUHVQmRKiHVVDSUHWHQVmR
$ SUREOHPiWLFD p YLYHU QXP PXQGR FXMD QRUPD p R FRQWUROH VRFLDOHDDGDSWDomRGRORXFRDR
YDORU H FXMD FUHQoD URJD ³ TXH D UHODomR VRFLDO VHULD KDUPRQLRVD VDWLVIDWyULD H D EDVH
VHJXUD GH XPD YLGD ERD QmR IRVVH SHODV LQIOXrQFLDV SHUWXUEDGRUDV GD GRHQoD PHQWDO RX GD

SVLFRSDWRORJLD´ 7UDGXomRQRVVD
(P (UYLQJ*RIIPDQGHILQLULDDVLWXDomRGHLQWHUQDomRGHSDFLHQWHVHPKRVSLWDLV
SVLTXLiWULFRV QmR FRPR XP UHVXOWDGR GH GLDJQyVWLFR H WUDWDPHQWR GH GRHQWHV PHQWDLV PDV R
UHVXOWDGRGHXPDFRQVWUXomRVRFLDO
$ LQWHUSUHWDomR RILFLDO GD VRFLHGDGH p TXH RV LQWHUQDGRV GH KRVSLWDLV SDUD GRHQWHV
PHQWDLV Dt HVWmR IXQGDPHQWDOPHQWH SRUTXH VRIUHP GH GRHQoDV PHQWDLV 1R HQWDQWR
QD PHGLGD HP TXH RV PHQWDOPHQWH GRHQWHV IRUD GRV KRVSLWDLV VH DSUR[LPD
QXPHULFDPHQWH GRV LQWHUQDGRV RX DWp RV VXSHUDP SRGHVH GL]HU TXH RV GRHQWHV
PHQWDLV LQWHUQDGRV VRIUHP QmR GH GRHQoD PHQWDO PDV GH RXWUDV FLUFXQVWkQFLDV
>FRQWLQJHQFLHV@

2LWR DQRV GHSRLV R GLDJQyVWLFR GH *RIIPDQ VREUH D GRHQoD PHQWDO H D SRVLomR GR
ORXFR VH DFHQWXD GH IRUPD FpWLFD 8P GH VHXV ~OWLPRV HQVDLRV SXEOLFDGRV HP YLGD VREUH R
WHPD R VRFLyORJR QRUWH DPHULFDQR UHWRUQD j LQVDQLGDGH PDV QmR j PHVPD SRVLomR 'H VHXV
HVWXGRV VREUH D LQVWLWXLomR PDQLFRPLDO j LQWHUDomR HP 7KH ,QVDQLW\ RI 3ODFH Ki XP WHUFHLUR
OXJDU GD GRHQoD PHQWDO D FRPXQLGDGH IDPLOLDU 1HVVH LQVWDQWH ILQDO (UYLQJ *RIIPDQ
SHUSDVVD 7KRPDV 6]DV] *RIIPDQ UHFRQKHFH R IRUWDOHFLPHQWR GD GRXWULQD SVLTXLiWULFD D VXD
LQIOXrQFLD VREUH D FRQGLomR GH SDFLHQWHV H R FRQWUROH GH VHX WUDWDPHQWR ¬GRXWULQDPpGLFDp
LQFXWLGD D FDWHJRUL]DomR GD GRHQoD PHQWDO 6HJXQGR HOH ³(VVD FUHQoD WHP XVRV VRFLDLV 6H
QmR KRXYHVVH HVVD QRomR SURYDYHOPHQWH WHUtDPRV TXH LQYHQWiOD 7UDGXomR QRVVD $
GRXWULQD SVLTXLiWULFD VH WRUQD XP SRQWR GH LQIOH[mR VREUH R GHVWLQR GH PLOKDUHV GH SHVVRDV
¼¾À
@AIE>E@AIL¼½¼
¼¾Á
@AIE>E@AIL¼½½
¼¾Â
@AIE>E@AILL¼¼Â¼¼Ã
¼¾Ã
KNG=OE?KKGO¼ÄÂ¼¢¼ÄÁÄ£L¾ÀÂ

ÂÀ
DVVLP FRPR IDWRU GHOLPLWDGRU HQWUH VDGLRV H GRHQWHV 3DFLHQWHV GHVVDV LQVWLWXLo}HV VH
UHFXSHUDPGDVFRQGLo}HVDHOHVSRVWDVPDVRID]HPDSHVDUGRKRVSLWDOSVLTXLiWULFR
6RE H[DPH PXLWRV GHVVHV HVWDEHOHFLPHQWRV SURYDUDP VHU GHSyVLWRV GH GHVSHMR
GHVHVSHUDQoDGRV DSDUDGRV HP SDSHO SVLTXLiWULFR (OHV VHUYLUDP SDUD UHPRYHU R
SDFLHQWH GD FHQD GH VHX FRPSRUWDPHQWR VLQWRPiWLFR TXH SRU VL Vy SRGH VHU
FRQVWUXWLYR PDV HVVD IXQomR IRL GHVHPSHQKDGD SRU FHUFDV QmR SRU PpGLFRV ( R
SUHoR TXH R SDFLHQWH WHYH TXH SDJDU SRU HVVH VHUYLoR WHP VLGR FRQVLGHUiYHO
GHVORFDPHQWR GD YLGD FLYLO DOLHQDomR GH HQWHV TXHULGRV TXH DUUDQMDUDP R
FRPSURPLVVR PRUWLILFDomR SRU UHJLPHQWR H YLJLOkQFLD KRVSLWDODU HVWLJPDWL]DomR
SyVKRVSLWDODU SHUPDQHQWH (VWH QmR IRL DSHQDV XP PDX QHJyFLR IRL JURWHVFR

7UDGXomRQRVVD
$ FXOPLQkQFLD GD OHLWXUD GH *RIIPDQHQWUHHDWUHODGDjSHUFHSomRGH6]DV]
HQTXDGUD D GRXWULQD SVLTXLiWULFD H D PDQLFRPLDOL]DomR FRPR R YHVWtJLR GD QRUPD
LQVWLWXFLRQDOPHQWH GHILQLGD ,VWR p R FRQWUROH QRUPDWLYR VREUH RV FRUSRV MXVWLILFDGR SHOR
WUDWDPHQWR GD SVLTXH HVWi PDLV SUy[LPR GD DVVRFLDomR HQWUHQRUPDHFULPLQDOLGDGHGRTXHGD
UHFXSHUDomR GD GRHQoD $ UHJXODomR QRUPDWLYD DILUPD TXH ³XPD QRUPD VRFLDO RX UHJUD p
TXDOTXHU JXLD SDUD D DomR UHFRPHQGDGD SRLV p SHUFHELGD FRPRDSURSULDGDFDEtYHODGHTXDGD

RX PRUDOPHQWH FRUUHWD´ &RQIRUPH RV SDFLHQWHV VmR DGPLWLGRV SRU FRQWLQJrQFLD
VXEPHWLGRV KLVWRULFDPHQWH j FRQGLo}HV LQXPDQDV VmR SULYDGRV GR FRQYtYLR IDPLOLDU HVRFLDO
WHP VHXV GLUHLWRVYHWDGRVHVmRTXDOLILFDGRVQHJDWLYDPHQWHSHORHVWLJPDKiGHVHTXHVWLRQDUD
SHUPDQrQFLDGHWDOPRGHORLQVWLWXFLRQDO
&RQIRUPH D DERUGDJHP JRIIPDQLDQD GD ORXFXUD FRPR FRQVWUXomR VRFLDO
UHVSDOGDGD QD LQVWLWXLomR H QR FRPSRUWDPHQWR LQVWLWXFLRQDOL]DGR PXLWR VREUD SDUD GLVFXUVDU
DFHUFD GRV PHDQGURV GD FDWHJRUL]DomR LGHQWLWiULD GRORXFR3RUSULQFtSLRRHVWXGRGDFDUUHLUD

PRUDO GR GRHQWH PHQWDO DSRQWD SDUD D FRPSUHHQVmR GH SDUWH GRV ³FRPSRUWDPHQWRV
GRHQWLRV´ DVVRFLDGRV j ORXFXUD QmR FRPR SURGXWRV QDWXUDLV GD SDWRORJLD GR SDFLHQWH PDV

FRPR HVWUDQKDPHQWR GR REVHUYDGRU HP FRQMXQWR j VLWXDomR SRVWD 2 GLDJQyVWLFR SDUD D
GLVWLQomR WDPEpP p GHULYDGR GH VLQWRPDV FXMDV FDUDFWHUtVWLFDV VmR FRQILJXUDGDV VRFLDO HRX
¼¾Ä
@AIE>E@AIL¾ÀÂ
¼¿»
@AIE>E@AIL¾Á¼
¼¿¼
=NNAEN= IKN=H @K @KAJPA IAJP=H ?KJ@EV W PN=FAPjNE= @A RE@= @AOOAO EJ@ERd@QKO AI EJOPEPQE^lAO
LOEMQEXPNE?=O Jq?HAKO B=IEHE=NAO KQ AOL=^KO Lq>HE?KO JK HEIE=N @= EJPANLNAP=^ZK EJPAN=?EKJEOP= OEI>jHE?=
BQJ@=IAJP=@= AI A=@ ?=NNAEN= ` K OACQEIAJPK @= RE@= AJPNA K AQ OAQ YI=CK AAJPKNJKdJPEIKAK
OAN OQ= LNKFA^ZK KBE?E=H EJOPEPQ?EKJ=HIAJPA A NAH=^lAO Lq>HE?=O AOOA OAJPE@K = @ABEJE^ZK @A KBBI=J
NAH=?EKJ= L=LAH A LANOKJ=HE@=@A W EJPACN=^ZK OPK ` LAJO=N ?KIK = K?QL=^ZK A = QI= NALNAOAJP=^ZK
=QPaJPE?= @A AOLdNEPK OA @EBANAJ?E=I J= EJOAN^ZK AI @APANIEJ=@K ?KNLK OK?E=H AOQIE@=IAJPA ?KIK KO
@KAJPAO IAJP=EO AOPECI=PEV=@KO ?KJRERAI @E=HKCE?=IAJPA ?KJOECK IAOIKO A ?KI K AOL=^K ` K AOPQ@K
EJOPEPQ?EKJ=H@KAQ
¼¿½
NREJCLEP½»¼À¢¼ÄÁ¼£L¼¼¾

ÂÁ
FXOWXUDOPHQWH HP PRPHQWRV GH VXMHLomR D HVWUHVVH H IDGLJD ItVLFD 2 RXYLU YR]HV D
GHVRULHQWDomR H D PDQLD GH SHUVHJXLomR VLQWRPDV LPDQHQWHV GD IRUPDomR GH XPD SHUFHSomR
VREUH R HVSDoRVHHOHYDPVREUHRHXHVHWRUQDPS~EOLFRVVRPHQWHDWUDYpVGRFRPSRUWDPHQWR
(VVHV PHVPRV VLQWRPDV VH FRQVWLWXtUDP FRPR VLJQLILFDQWHV GD ORXFXUD GD SHUGD GH FRQWUROH
VREUH VL PHVPR PDV FXMD RFRUUrQFLD SRGH VHU SDVVDJHLUD RX GHILQLWLYD 8P SULPHLURPRGHOR
GH FRQWUROH p IHLWR SHOR SUySULR SDFLHQWH DR VH DEVWHU GH XPD DomR LPSUySULD RX DV SDODYUDV

UHYHODGRUDV DR PHLR GH VXD SUySULD FRQGLomR ± p R FRQWUROHVRFLDOSHVVRDO 2WHPRUVREUHD
SHUPDQrQFLD GHVVHV VLQWRPDV H GHVVD FRQGLomR UHIOHWH QXP FODPRU SRU VROXomR RXVDOYDomRj
UHYHOLD GD SHUGD GH XPD LGHQWLGDGH FRQILJXUDGD RX SURMHWDGD FRORFDQGRD VRE D HVSDGD GH

'kPRFOHV
)RUD GR HVSDoR PDQLFRPLDO D SXEOLFL]DomR GH XPD RIHQVD RX RGHVPDVFDUDPHQWRGH
XPD FRQGXWD GLVWLQJXHP R LQGLYtGXR H VH DSURSULDP GD LQWHUSUHWDomR GD LQWHUDomR HP
GHWHUPLQDGR HYHQWR SDUD GLVVHPLQDomR GR VHX HVWLJPD (OD WUD] R LQGLYtGXR j FRQGLomR GH
GHVYLDQWHSRLVDSULPHLUDSHUFHSomRpRURPSLPHQWRGDUHODomRQRUPDWLYD
4XDQGR XP DWR TXH PDLV WDUGH VHUi SHUFHELGR FRPR XP VLQWRPD PHQWDO p UHDOL]DGR
SHOD SULPHLUD YH] SHOR LQGLYtGXR TXH PDLV WDUGH VHUiYLVWRFRPRXPSDFLHQWHPHQWDO
R DWR QmR p WRPDGR FRPR XP VLQWRPD GH GRHQoD PDV FRPR XP GHVYLR GDV QRUPDV

VRFLDLVLVWRpXPDLQIUDomRjVUHJUDVHH[SHFWDWLYDVVRFLDLV 7UDGXomRQRVVD
(VVH FRPSRUWDPHQWR YDL QD FRQWUDPmR DR HVWDEHOHFLGR SRU *RIIPDQ FRPR R
HQFREULPHQWR GR HVWLJPD H R FXVWR PRUDO H SVLFROyJLFR GR FRQWUROH GR LQGLYtGXR H GH VHXV
HQWHV SUy[LPRV VREUH D LQIRUPDomR GD LGHQWLGDGH GHWHULRUDGD 2 LQGLYtGXR SRGH DWXDU QR
HQFREHUWDPHQWR H QD GHVTXDOLILFDomR GR HVWLJPD FRPR VH D TXDOLGDGH GLIHUHQFLDO QmR
PHUHFHVVH D DWHQomR GDGD $ LGHQWLGDGH SRGH VHU HQFREHUWD SHOR ORXFR PDV HYLGHQFLDGD QR
WDWR IDPLOLDU UHVHUYDGR GXUDQWH XPD UHXQLmR RQGH D ORXFXUD H D DQiOLVH GRV FRPSRUWDPHQWRV

GR ORXFR VmR WUDQVPLWLGDV HP VXVVXUURV H FRQILVVLRQDOPHQWH 2X SRGH VHU ULGLFXODUL]DGD H
¼¿¾
NREJCLEP¼ÄÂ¼¢¼ÄÁÄ£L¾Á¾
¼¿¿
KN AOL=@= @A YIK?HAO JKO NABANEIKO W =JA@KP= IKN=H @K BEHjOKBK NKI=JK d?ANK QPEHEV=@= L=N=
ATAILHEBE?=N K EIEJAJPA LANECK @A @APANIEJ=@= LKOE^ZK LKHdPE?= KIQIAJPA =OOK?E=@= = LKOE^lAO @A
LK@AN = DEOPjNE= J=NN= MQA YIK?HAO AT=HPKQ NAE EKJdOEK LAH= OQ= LNAOPECEKO= LKOE^ZK @A LK@AN A
=QPKNE@=@A EKJdOEK LKNP=JPK ?KJRE@= YIK?HAO = PNK?=N @A HQC=N ?KI AHA JPZK ?AN?=@K LKN HQTqNE= K
?KNPAOZK LAN?A>A QI= AJKNIA AOL=@= LAJ@AJPA OK>NA = OQ= ?=>A^= OACQN= OKIAJPA LKN QI BEJK BEK @A
N=>K @A ?=R=HK IAPXBKN= QPEHEV=@= LKN JjO NAIAPA =K @AO?K>NEIAJPK @= HKQ?QN= ?KIK = AOL=@= @A
YIK?HAO@KHKQ?KMQ=J@KKIA@KEJE>AK=H?=J?A@=BAHE?E@=@AKQNA=HEV=^ZKAIRE@=
¼¿À
NREJCLEP¼ÄÂ¼¢¼ÄÁÄ£L¾Á½
¼¿Á
ACQJ@K K LNjLNEK KBBI=J KN ATAILHK MQ=J@K K L=?EAJPA IAJP=H AOPX JK O=J=PjNEK A MQ=J@K OA
AJ?KJPN= ?KI IAI>NKO =@QHPKO @A OQ= B=IdHE= AHA ` PN=P=@K ?KI P=PK ?KIK OA BKOOA O=@EK MQ=J@K J=
NA=HE@=@A DX @qRE@=O OK>NAEOOKIAOIKMQAJZK@AOQ=L=NPAKQAJPZKAHA`PN=P=@K?KIKEJO=JKMQ=J@K

ÂÂ
DWp PHVPR FRQIURQWDGD SHOR ORXFR QmR FRPSRU D LGHQWLGDGH SURMHWDGD RX QmR VH DGDSWDU DRV
SDSpLV UHTXLVLWDGRV (VVH PRGHOR GH VLWXDomR SRGH VHU FRQVLGHUDGR XP PRGHOR GH FRQWUROH
VRFLDO LQIRUPDO RQGH D GHVDSURYDomR GH XP JUXSR GH LQGLYtGXRV ± QHVVH FDVR D IDPtOLD ±
SRGH WHQWDU DGDSWiOR DWUDYpV GD FRQGXWD SDUD ³GHQWUR GD OLQKD´ &RQIRUPH GLULD 7DOFRWW
3DUVRQV VREUH HVVD IRUPD GH FRQWUROH (VVHV PHFDQLVPRV PHQRUHV GH FRQWUROH VmR SRGH VHU
UHWLGR D PDQHLUD SHOD TXDO RV YDORUHV LQVWLWXFLRQDOL]DGRV VmR LPSOHPHQWDGRV QR

FRPSRUWDPHQWR
+i XP UHFHLR SRU SDUWH GR Q~FOHR IDPLOLDU FRP D GLVVHPLQDomR GR HVWLJPD WHQGR HP
YLVWDTXHRVFRPHQWiULRVFRUULGRVHQWUHIRIRFDVHFRFKLFKRVQDYL]LQKDQoDRXQRVHVSDoRVXPD
YH] URWLQHLUDPHQWH IUHTXHQWDGRV SHORV HVWLJPDWL]DGR UHSHUFXWLULDP VREUH DSUySULDLGHQWLGDGH
IDPLOLDU (VVH VHQWLPHQWR SRGH HVWDU DWUHODGR D SUHVHUYDomR GR HVWLJPDWL]DGR GH FRPHQWiULRV
GHPHULWyULRV VREUH VL TXH SRGHP RXQmRSHUVLVWLUQRHX$SHUGDGHVWDWXVHDDGDSWDomRDXP
QRYR HVWDGR WDPEpP SRGHP OHYDU DR HQFREHUWDPHQWR IUHQWH D LQVWLWXLo}HV GD VRFLHGDGHFLYLO
$ SHUGD GH GLUHLWRV GH PRELOLGDGH HVSDFLDO H GH HPSUHJRV WDQWR SHOD GHVFREHUWD GR HVWLJPD
TXDQWR SHOD LQDELOLGDGH HP FXPSULUSDSpLVDWUHODGRVDURWLQDVpPRWLYDomRSDUDDIRUPDomRGH
XP QRYR YtQFXOR 8PD PmH SRGH HVFRQGHU D SVLFRSDWRORJLD GH VHXPDULGRDRFRQWDUSDUDRV
ILOKRV TXH R SDL HVWi HP RXWUR OXJDU TXH QmR R KRVSLWDO RX Oi HVWiSRURXWURPRWLYR8PHQWH
SUy[LPR YLQFXODGR DR HQFREHUWDPHQWR WDPEpP SRGH UHDJLU FRP D DJUHVVLYLGDGH RX R VXUWR

FRPXPHQWH DVVRFLDGRV DR HVWLJPDWL]DGR IUHQWH D QmR DFHLWDomR GD LGHQWLGDGH 2 FRQWUROH
VRFLDO IRUPDO p DTXHOH UHDOL]DGR SRU IXQFLRQiULRV H VHWRUHV SULYDGRV RXS~EOLFRVSUHRFXSDGRV
QD UHVWULomR GR DFHVVR GR HVWLJPDWL]DGR RX GD VXD IDPtOLD HP UD]mR GH YDORUHV SUp GHILQLGRV
(OD SRGH DFRQWHFHU WDQWR TXDQGR XP H[ SDFLHQWH FRP ³OLEHUGDGH YLJLDGD´ SHORV FULPHV

FRPHWLGRV p UHFXVDGR HPSUHJR QXPD LQVWLWXLomR SULYDGD TXDQWR D WHQWDWLYD GR
O=>A MQA EOOK JZK ` FQOPK =O L=N= K ATL=?EAJPA IAJP=HKLNK>HAI=LK@AOAN>AI@EBANAJPA=KEJRÒ@A

AJ?=N=N K LNA?KJ?AEPK ?KJPN= OE IAOIK AHA @ARA ?KJOE@AN=N = OQ==?AEP=^ZKEJRKHQJPXNE=LAHKOEJ@ERd@QKO
MQA PaI LNA?KJ?AEPKO ?KJPN= K PELK @A LAOOK= MQA AHA LK@A NARAH=N OAN NREJCLEP¼ÄÃÃ
¢¼ÄÁ¾£LLÀ¼À½
¼¿Â
KJ@KJ KNCKPPAJ KKGO ¢¼ÄÀ¼£ ½»¼À L ¾»¾K>NAQI=I=EKN
=H?KPP DA K?E=H UOPAI
LNKBQJ@E@=@A @= NAH=^ZK AJPNA =NOKJO A KO IA?=JEOIKO @A ?KJPNKHA OK?E=H =?KIL=JD=N K LNEIAENK
?=LdPQHK@=LNAOAJPA@EOOANP=^ZK
¼¿Ã
NREJCLEP¼ÄÃÃ¢¼ÄÁ¾£LÁ¿
¼¿Ä
@AIE>E@AILÃ½

ÂÃ
DFRPSDQKDQWH GH XP GRHQWH PHQWDO WHQWD UHFHEHU R VHJXUR GHVHPSUHJR GH VHX RX GH VXD

F{QMXJHHPVHXQRPH
$ VHQVDomR GH SUHVHUYDomR IDPLOLDU H LQGLYLGXDO SRGHP DFHOHUDU R VHX SURFHVVR GH
LQWHUQDomR DSUR[LPDQGR D IDPtOLD GD SRVLomR GHGHQXQFLDQWHHFULDQGRXPDFRQVSLUDomRFRP
D LQVWLWXLomR PpGLFD VREUH R SUp SDFLHQWH (VVHV IDWRUHVHQIDWL]DPDFDUUHLUDGRGRHQWHPHQWDO
LOXVWUDGD DFLPD DVVLP FRPR DFHQWXDP D RFRUUrQFLD GHFRQWLQJrQFLDV±QRPHH[HPSODUSDUDD
PDVFDUDomR GH VLQWRPDV WHPSRUiULRV RX D LQWHUQDomR SRU GHVDGHTXDomR GR LQGLYtGXR DV
QRUPDV H YDORUHV GR FRQYtYLR IDPLOLDU RX FRPXQLWiULR $ FRQWLQJrQFLD SRGH WHU VLGR XPD
JUDYLGH]LQGHVHMDGDDSURVWLWXLomRDVXSHUORWDomRGDVFHODVRXGRVSUHVtGLRVDSXQLomRFRQWUD
D UHYROWD XP FRPSRUWDPHQWR DVVRFLDGR j KRPRVVH[XDOLGDGH R GHVHMR GR GLYyUFLR RX R
UHODFLRQDPHQWR H[WUDFRQMXJDO WRGDV HVVDV DVVRFLDGDV RX QmR D FDVRV GH SVLFRVH(VVDUHODomR
SRVVXL DVVRPEURVR VLJQLILFDGR VH DVVRFLDGR KLVWRULFDPHQWH j UHDOLGDGH EUDVLOHLUD WHQGR QR

+RORFDXVWR %UDVLOHLUR QR +RVSLWDO &RO{QLD GH %DUEDFHQD R H[HPSOR PDLV FRQKHFLGR
$OXGLPRV SRUWDQWR j GLIHUHQFLDomR H VHPHOKDQoD HQWUH SVLFyWLFRV GHWHQWRUHV GH VLQWRPDV
SVLTXLiWULFRV H RV GHPDLV DOFXQKDGRV ORXFRV SRGHQGR DSUHVHQWDU VLQWRPDV PHQWDLV PDV
VLPLODUPHQWHUHMHLWDGRVHVRFLDOPHQWHHVWLJPDWL]DGRV
0~OWLSORV GHVVHV FDVRV HQYROYHQGR D LGHQWLGDGH H D UHODomR VRFLDO QmR IRUDP DSHQDV
GHVFULWRV H DQDOLVDGRV HP (VWLJPD FRPR WDPEpPRIRUDPHP/RQJHGDÈUYRUHSDLVILOKRVH

D EXVFD GD LGHQWLGDGH GH $QGUHZ 6RORPRQ 6RORPRQ UHDOL]RX H DQDOLVRX HQWUHYLVWDV FRP
PDLV GH WUH]HQWDV IDPtOLDV QXP SHUtRGR GH GH] DQRV DERUGDQGR WHPiWLFDV FDSLWXODUHV
¼À»
E@E>E@LLÄ¿ÄÀ
¼À¼
KI I=EO @A Á» IEH IKNPAO =O K?KNNaJ?E=O JK KOLEP=H KHkJE= @A =N>=?AJ= I=J?D=N=I = DEOPjNE=
>N=OEHAEN= =P` K OAQ BA?D=IAJPK @QN=JPA = ABKNI= OEMQEXPNE?= J= @`?=@= ¼ÄÃ» >ANPK @AO@A ¼Ä»¾ =
IAIjNE= @K DKNNKN EJOP=QN=@K EJOPEPQ?EKJ=HIAJPA LAHK?KNLK@ABQJ?EKJXNEKO@KDKOLEP=H?KIJACHECaJ?E=
@K LK@AN Lq>HE?K A @= OK?EA@=@A ?EREH BKE LNAOANR=@= LAH= FKNJ=HEOP= =JEAH= N>AT JK HERNK KHK?=QOPK
N=OEHAENK QEPKO @KO ?=OKO NAPN=P=@KO LKN N>AT ?KJPAILH=I =O ?KJPEJCaJ?E=O A NAH=^lAO ?KI AOPECI=
=LNKBQJ@=@=O LKN KBBI=J LAOOK=O JACN=O IQHDANAO CNXRE@=O KQ EJOQ>IEOO=O A EJ@ECAJPAO
=JEAH= KHK?=QOPK N=OEHAENK ZK=QHK AN=^ZK@EPKNE=H½»¼¾½ÀÀLQPN=DEOPjNE=NALNAOAJP=PER=@=O
?KJPEJCaJ?E=O BKE =MQAH= @A =QN= KLAO =J^=@K EJPANJ=@= PNaO RAVAO JK JCAJDK @A AJPNK JK EK @A
=JAENK =QN= BKE EJPANJ=@= LAHKO IAOIKO IKPERKO @A IEHD=NAO @A IQHDANAO JK N=OEH LKN JZK
NALNAOAJP=N K E@A=H LNKFAP=@K A = E@AJPE@=@A BAIEJEJ=@AOAF=@=%=QN=KLAO KOLd?EKÀQO
@EXNEK EK@A =JAENKA?KN@¼ÄÂÄ
¼À½
KIK=K>N==?AOOdRAH=IEIAIHdJCQ=LKNPQCQAO=BKELNKRAJEAJPA@ABKNI=PK@ECEP=HGEJ@HA =VS¡
AOP=`=qJE?=K>N=J=@EOOANP=^ZKMQAJZKAOPXNABANAJ?E=@=LKNLXCEJ=OI=OOACQJ@K=HK?=HEV=^ZK@K
?KJFQJPK@AL=H=RN=OJ@NASLEP½»¼¾

ÂÄ

WUDQVLHQWHV QD VRFLDOL]DomR HQWUH PHQWH H FRUSR (VVDV WHPiWLFDV GHQRPLQDGDV VLWXDo}HV
SUREOHPiWLFDV FRQWRUQDP D QRPHQFODWXUD GH GRHQoD RXGHVYLRGHPDQHLUDVLPLODUjUHDOL]DGD
SRU (UYLQJ *RIIPDQ$GHPDLVDSUHRFXSDomRGH6RORPRQVHDWpPjIRUPDomRHDGDSWDomRGD
LGHQWLGDGH KRUL]RQWDO j UHYHOLD GD FDWHJRUL]DomRVLVWHPiWLFD,QGHSHQGHQWHPHQWHGLYHUJHQWHV
DV LGHQWLGDGHV KRUL]RQWDLV VH IRUPDP GLIHUHQWHPHQWH GDV LGHQWLGDGHV YHUWLFDLV RULXQGDV SRU

QRUPDV FXOWXUDLV H KHUDQoD JHQpWLFD $ HVWUXWXUD GHVWD OHLWXUD p HQWmR D FRQVWLWXLomR GH
LGHQWLGDGHV SUySULDV H DVVRFLiYHLV YDOHQGRVH GD FRQVLGHUDomR GH *RIIPDQ QD TXDO R
HVWLJPDWL]DGR GHYH VH YDORUL]DU GH VHX HVWLJPD 2UJXOKDUVH GD VXD PDUJLQDOL]DomR
SURPRYHULDDIRUPDomRGHXPDLGHQWLGDGHSUySULDFRPFUHGLELOLGDGHSROtWLFD
$ H[LVWrQFLD GH XPDLGHQWLGDGHVRFLDOYLUWXDOHXPDLGHQWLGDGHVRFLDOUHDO±HQFREHUWD

RX QHJDGD LPSULPHP XPD GLVFUHSkQFLD H D H[LVWrQFLD GH XPD YLGD GXSOD HP FRQIOLWR
$GHQWUDU R FRQYtYLR VRFLDOFRPDPDLRULDVHPDDFHLWDomRGDLGHQWLGDGHVRFLDOUHDOSURPRYHR
VHX GHVPDQWHODPHQWR SRU XPD LQWHJUDomR DGDSWDWLYD DR FRUSR VRFLDO 2 UDFLRFtQLR GLDOyJLFR
HQWUH GRHQoD H LGHQWLGDGH GHYH SURSRU D DVVRFLDomR HQWUH GLIHUHQoD H LQWHJUDomR VRFLDO XPD
³PHFkQLFD VLQFUpWLFD´ QR OLQJXDMDU GH 6RORPRQ ³3UHFLVDPRV GH XP YRFDEXOiULR HP TXH

DPERVRVFRQFHLWRVQmRVHMDPRSRVWRVPDVDVSHFWRVFRPSDWtYHLVGHXPDFRQGLomR´
)LDPRQRV DR FDStWXOR LQWLWXODGR HVTXL]RIUHQLDSHODSUR[LPLGDGHGDFDUDFWHUL]DomRGR
HVTXL]RIUrQLFR j JHQHUDOLGDGH GR ORXFR 0XLWRV SVLTXLDWUDV H SVLFDQDOLVWDV WULOKDUDP GHVGH
¼À¾
KIKOOATQ=HE@=@A AOMQEVKBNAJE= OdJ@NKIA @A @KSJ ?NEIEJ=HE@=@A RdPEI=O @A REKHaJ?E= OATQ=H
J=JEOIK PN=JOCAJAN=HE@=@A =QPEOIK A OQN@AV OZK PAI=O PN=>=HD=@KO LKN J@NAS KHKIKJ KNÌ JZK
BKN=I KO qJE?KO PAI=O AOPQ@=@KOAPAI=@=OAJPNAREOP=ONA=HEV=@=OLAHK=QPKNAIMQ=NAJP=IEHLXCEJ=O@A
PN=JO?NE^lAO AOO= @EOOANP=^ZK A JK LNAOAJPA ?=LdPQHK JKO EJPANAOO= = =>KN@=CAI A = PAKNE= =OOK?E=@=
OK>NA = AOMQEVKBNAJE= ?KI LNKTEIE@=@AANABANAJ?E=IAJPK=LAJO=@KNAOAI@EO?QOOZKJAOP=@EOOANP=^ZK
?KIKNREJC KBBI=JAE?DAH KQ?=QHPJ@NAS¼ EHDKOLEPHK?ÄÁ¼ÄÃ¾
¼À¿
?AN?= @= @EBANAJ?E=^ZK AJPNA E@AJPE@=@A DKNEVKJP=H AE@AJPE@=@ARANPE?=H?KHK?=IKO=MQE=@ABEJE^ZKA
?KIAJPXNEKO @K LNjLNEK =QPKN = BEI @A AO?H=NA?EIAJPK ARE@K W PN=JOIEOOZK @A E@AJPE@=@A @A QI=
CAN=^ZK L=N= = OACQEJPA = I=EKNE= @KO BEHDKO ?KIL=NPEHD= =K IAJKO =HCQI=O ?=N=?PANdOPE?=O ?KI KO L=EO
ZK K MQA ?D=I=IKO @A E@AJPE@=@AO RANPE?=EO PNE>QPKO A R=HKNAO OZK PN=JOIEPE@KO @A L=E L=N= BEHDK
=PN=RÒ @=O CAN=^lAO JZK OKIAJPA =PN=RÒ @A ?=@AE=O @A @J= I=O P=I>Ì @A JKNI=O ?QHPQN=EO
?KIL=NPEHD=@=O APJE= LKN ATAILHK ` QI= E@AJPE@=@A RANPE?=H J@NAS ¼ EHDKO L EP
HK? À¿ÀÂ QEP=O RAVAO LKNÌ =HCQÌ PAI QI= ?=N=?PANdOPE?= EJ=P= KQ=@MQENE@=MQAÀOPN=JD==OAQO
L=EO A LKNP=JPK @ARA =@MQENEN E@AJPE@=@A @A QI CNQLK @A ECQ=EO ( K MQA ?D=I=IKO @A E@AJPE@=@A
DKNEVKJP=H O E@AJPE@=@AO DKNEVKJP=EO LK@AI NABHAPEN CAJAO NA?AOOERKO IQP=^lAO =HA=PjNE=O EJBHQaJ?E=O
LN`J=P=EO KQ R=HKNAO A LNABANaJ?E=O MQA QI= ?NE=J^= JZK ?KIL=NPEHD= ?KI OAQO LNKCAJEPKNAO ¡
@ABE?EaJ?E= BdOE?= PAJ@A = OAN DKNEVKJP=H >AI ?KIK = CAJE=HE@=@A LOE?KL=PE= ` P=I>Ì IQEP=O RAVAO
DKNEVKJP=H = I=EKNE= @KO ?NEIEJKOKO JZK`?NE=@=LKNI=BEKOKOA@ARAEJRAJP=NOQ=LNjLNE=EJOd@E= @AI
E>E@AIHK?Á¾ÁÄ
¼ÀÀ
NREJCLEP¼ÄÃÃ¢¼ÄÁ¾£LÂ
¼ÀÁ
J@NASLEP½»¼¾HK?¼¾»

Ã»
RV PHDQGURVGDGHILQLomRELROyJLFDGDHVTXL]RIUHQLDSRUPHWRGRORJLDVHHSLVWHPRORJLDV

GLVWLQWDV 'pFDGDV DQWHV GD DSOLFDomR GR WHUPR HVTXL]RIUHQLD R XVR GH GHPHQWLD SUDHFR[
KDELWDYD DV GLVFXVV}HV GR FDPSR GD PHGLFLQD SHOD LGHQWLILFDomR GH VLQWRPDV SUHVHQWHV HP

MRYHQV 1D FRQGLomR GH SVLFRVH D HVTXL]RIUHQLD GHVSUHQGH D FRQVFLrQFLD GR HX GDTXHOD GD

UHDOLGDGH QDFRQFHSomRGHSHVVRDVQmRHVTXL]RIUrQLFDV 1HVVHHVSDoRGDPHQWHRLPDJLQDU
H R DFUHGLWDU VH WRUQDP R VHU ± WUDQVIRUPDQGR D SHUFHSomR HQWUHRUHDOHRLUUHDO7DODVVHUomR
HQWUD HPGHVDFRUGRFRPDDFHSomRGRUHVWDQWHGDVRFLHGDGHHGDTXHODVSUy[LPRVDRVXMHLWR$
IRUPDomRGDFDUUHLUDGRHVTXL]RIUrQLFRpSDUWLFXODUPHQWHGXUDVREUHVHXVSDLVHIDPLOLDUHV1D
DGROHVFrQFLD XPD SHVVRD SRVVXL SDUWH GRV VHXV SDSpLV H REMHWLYRV LQVWLWXFLRQDOPHQWH
GHILQLGRV $ SHUGD GR QH[R VREUH HVVD SURMHomR p VHQWLGD GHIRUPDGLIHUHQWHHQWUHHOHSUySULR
HVXDIDPtOLD1DVSDODYUDVGH6RORPRQ
2 FKRTXH GD HVTXL]RIUHQLD p PDQLIHVWDUVH QR ILP GD DGROHVFrQFLD RX QR FRPHoR GD
YLGD DGXOWD H RV SDLV WHUHP GH DFHLWDU TXH R ILOKR TXH HOHV FRQKHFHUDP H DPDUDP
GXUDQWH PDLV GH XPD GpFDGD SRGH HVWDU LUUHPHGLDYHOPHQWH SHUGLGRDLQGDTXHSDUHoD
VHURPHVPRGHVHPSUH
>@ $ WUDLomR GD HVTXL]RIUHQLD p HVVD MXVWDSRVLomR LUUDFLRQDO GH FRLVDV TXH
GHVDSDUHFHP H FRLVDV TXH QmR GHVDSDUHFHP $ HVTXL]RIUHQLD SRGH VXSULPLU D
FDSDFLGDGH GH VHOLJDUDRXWUDSHVVRDRXGHDPiODRXGHQHODFRQILDURXVRSOHQRGD
LQWHOLJrQFLD UDFLRQDO D DSWLGmR GH IXQFLRQDU HP TXDOTXHU FRQWH[WR SURILVVLRQDO D
IDFXOGDGH EiVLFD GH FXLGDU GR SUySULR FRUSR DVVLP FRPR JUDQGHV H[WHQV}HV GH
DXWRFRQVFLrQFLDHFODUH]DDQDOtWLFD

(VWDPRV DOpP GR SRQWR GD FXOSDELOL]DomR GRORXFR$UHTXLVLomRSHODDGDSWDomRQmRp

IDWRU H[FOXVLYR GR PHLRELROyJLFR$DGDSWDomRpYLVWDFRPRQHFHVVLGDGHSDUDDLQWHJUDomRDR
PHLR VRFLDO $OpP GH XPD LGHQWLGDGH YLUWXDO VRFLDO H XPD LGHQWLGDGH UHDO Ki XPDLGHQWLGDGH
VRFLDO SURMHWDGD $ ORXFXUD FRPR D HVTXL]RIUHQLD VLJQLILFD D UXSWXUD FRP RV SDUkPHWURV
HVWDEHOHFLGRV VREUH R LQGLYtGXR SHOR VHX PHLR VRFLDO 2 VRQKR GD IDFXOGDGH FRQFOXtGD GD
FDUUHLUD SURILVVLRQDO RX GHVSRUWLYD GD YLGD FRP ILOKRV GRFDVDPHQWRGDFRQVWLWXLomRGHXPD
¼ÀÂ
A KNAH N=ALAHEJ A HAQHAN W NAQ@ A =?=J ATEOPAI K?A=JKO @A @EO?QOOZK ALEOPAIKHjCE?= A
BAJKIAJKHjCE?= TPAJOKO A LKN @AI=EO LNKBQJ@KO =K AO?KLK @K OACQJ@K ?=LdPQHK @AOP= @EOOANP=^ZK ZK
PNEHD=NAIKOK?=IEJDKAJPNA=?KJ?AEPQ=^ZK@AOOA=QPKNAONAOANR=J@KEOOKL=N=EJRAOPEC=^lAOBQPQN=O
¼ÀÃ
OOK?E=IKO AOMQEVKBNAJE= A HKQ?QN= @A BKNI= OEIEH=N=MQAH=BAEP=LAHKO=QPKNAO=MQENAPN=P=@KONREJC
KBBI=J DKI=O V=OV A J@NAS KHKIKJAJPAJ@AID=RANQI=@EBANAJ^=OQ>OP=J?E=HAJPNA@E=CJjOPE?KO
I`@E?KO A K>FAPER=^lAO OK?E=EO AN QI @AOAMQEHd>NEK JAQN=OPaJE?K JZK OECJEBE?= MQA K EJ@ERd@QK OANX
PN=P=@K @A BKNI= @EBANAJPA @=MQAHA MQA L=OO= BKIA A JZK OACQA =O NACN=O OK?E=EO AOMQEVKBNaJE?K A K
HKQ?K PAIIQEPKAI?KIQI@AI=EOAJPAJ@AIKOPAN=@AJKIEJ=^ZKAOMQEVKBNAJE=QIR=HKNAOECJEBE?=@K
L=NPE?QH=N OACQEJ@K =O EJOPEPQE^lAO >N=OEHAEN=O A IQJ@E=EO ABEJE@= ?KIK QI= LOE?KOA ?NkJE?= E@EKLXPE?=
AH= LNKRaI @= OAL=N=^ZK AJPNA KO PANIKO LNKRAJEAJPAO @K CNACK AOMQEVK @ERE@E@K @Q=H BN=?P=H KQ
BN=PQN=@K A LDNAJE= IAJPA AOO= BKNI= OACQJ@K K ¼» AOMQEVKBNAJE= A KO @EOPqN>EKOAOMQEVjPELKO
OACQAI=NKPQH=^ZK@A ½»= ½ÄAJPNAPN=JOPKNJKO@AHEN=JPAOI=Jd=?KOKQJZKAOLA?EBE?=@KO
¼ÀÄ
J@NASLEP½»¼¾HK?Â»Â¾Â»ÃÃ

Ã¼
QRYD JHQHDORJLD IDPLOLDU FDL SRU WHUUD 6HJXQGR R SUySULR 6RORPRQ SHORV FDVRV HVWXGDGRV
LVVR p UHYHUWLGR HP VRIULPHQWRV GLVWLQWRV SDUD DPERV RV ODGRV (QTXDQWR R HVTXL]RIUrQLFR
SHUFHEH D LUUHDOL]DomR FRPR XP VRQKR GLVWDQWH RQGH DV FRQTXLVWDV H IHLWRV GD DGROHVFrQFLD
VmR PHPyULDV SRVLWLYDV H FRPHQWiULRV YDJRV SDUD RV SDLV p D UXSWXUD 2 DSHJR H DQJ~VWLD
WUD]LGRV SHOD PHPyULD OHYDP D XPD WUDQVIRUPDomR GR WUDWR H GD SHUVRQDOLGDGH GD SUySULD
FRPXQLGDGH 4XDQGR SURWDJRQL]DGDV SRU IDPLOLDUHV DV HQWUHYLVWDVGH*RIIPDQVREUHHVWLJPD
H DV GH 6RORPRQ VREUH HVTXL]RIUHQLD WHQGHQFLDOPHQWH QDUUDP D SHUFHSomR GD PXGDQoD H RV
VHQWLPHQWRV OLJDGRV (YLGHQWHPHQWH ID]HPQR SRU VHU WHPiWLFD FHQWUDO GR HVWXGR PDV
WDPEpP SHOR LPSDFWR FDXVDGR SHOD WUDQVLomR GD SHUVRQDOLGDGHHSHODVWUDQVIRUPDo}HVVREUHD
GLQkPLFD IDPLOLDU &RPR DOXGLPRV DQWHULRUPHQWH R DWR GH RFXOWDU RV VHXV ORXFRV p XPD
SUiWLFD UHFRUUHQWH 2XWUD PHQFLRQDGD QR LQtFLR GR SUHVHQWH FDStWXOR p H[SXOViORV RX
QHJOLJHQFLDU R VHX DEDQGRQR 3RGH VHU D PmH TXH HVFRQGH GRV ILOKRVHGDVRFLHGDGHDGRHQoD
GR F{QMXJH D PmHTXHRFXOWDRILOKRHPPDQLF{PLRHVRIUHFRPRPHGRGHGHVFREULUHPQDR
ORXFR TXH WHPH VHU UHFRQKHFLGR SXEOLFDPHQWH SRU XP FRQKHFLGR GD pSRFD GH LQWHUQDomR
*RIIPDQ DSRQWDULD VREUH R DOWR FXVWR GHVVH HQFREULPHQWR SDUD R HVWDGR SVtTXLFR GD SHVVRD
VREUH D DOLHQDomR GHOD HP UHODomR j LGHQWLGDGH SURMHWDGD H D XPD LQVWDELOLGDGH SDUD D

PDQXWHQomRGDSUySULDUHODomRFRPXQLWiULD
3DUD 6RORPRQ R SRQWR IXQGDPHQWDO QmR p D GHWHULRUDomR GH XPD LGHQWLGDGH PDV D
FRQVWLWXLomR GH XPD QRYD LGHQWLGDGH ± KRUL]RQWDO SRU SULQFtSLR ± H D EXVFD SHOD DFHLWDomR
GHVWD 6HJXLQGR R GLDORJLVPR HQWUH LQWHJUDomR H GRHQoD VmR HQTXDGUDGRV GRLV

HQFDPLQKDPHQWRV R SURFHVVR GH DGDSWDomR GR ORXFR H R FDRV WUD]LGR SHOD LQVDQLGDGH
(VFODUHoDPRV GH RXWUD IRUPD $ SRVLomR GR ORXFR H D UHODomR GD IDPtOLD FRP D
LQVXEVWDQFLDOLGDGH RX LUUHDOLGDGH GD VXD QDUUDWLYD HDWRVSURS}HFRPRDOWHUQDWLYDDDGHTXDomR
GH XPD GDV GXDV SDUWHV 9LYHQGR QXP PXQGR HP SURFHVVR GH UHIRUPD SVLTXLiWULFD H HP
GHVPDQLFRPLDOL]DomR WUD]HU D UHDOLGDGH LUUHDO GR ORXFR SDUD GHQWUR GH FDVD HQFRQWUD
VHPHOKDQWH LPSDVVH 3RU HVVD PHVPD UD]mR D ORXFXUD WHP VpULDGLILFXOGDGHHPVHUHQFDL[DGD
¼Á»
NREJCLEP¼ÄÃÃ¢¼ÄÁ¾£LÂÄ
¼Á¼
NABANEIKO =@KP=N ?KIK ?=KO =MQEHK @ABEJE@K LKN NREJC KBBI=J AJMQ=JPK D=RK? = ?KJBQOZK A
@AOKN@AI NAOQHP=JPA AI @=JKO KQ @AOKN@AI IDA JO=JEPUKBH=?A KBBI=J=J=HEO=OOA?=KOEJ@E?=
MQA KO OEJPKI=O I`@E?KO A IAJP=EO OZK N=@E?=HIAJPA @EBANAJPAO AI OQ=O ?KJOAMsaJ?E=O OK?E=EO A AI OAQ
?=NXPAN ( AOOA ?=KO MQA = BEHKOKBE= @= ?KJPAJ^ZK @ARA HE@=N ( AOOA ?=KO MQA KO LOEMQE=PN=O B=HD=N=I
PNEOPAIAJPA AI AT=IEJ=N A MQA KO OK?EjHKCKO ECJKN=I MQ=J@K PN=P=I @KAJ^=O IAJP=EO =LAJ=O ?KIK QI
LNK?AOOK@ANKPQH=CAI(AOOA?=KOMQA@ARAIKOATLHKN=N NREJCLEPL¾ÁÄ

Ã½
QR HVFRSR GH GHVYLR VRFLDO (OD QmR GHYH VHU WUDWDGD GH IRUPD VLPLODU DR FULPH SRLV R ORXFR
QmR UHSUHVHQWD XP ULVFR j LQWHJULGDGH ItVLFD RX PRUDO VRFLDO GD PHVPD PHGLGD TXH R
HVTXL]RIUrQLFR FU{QLFR QmR DSUHVHQWD WRWDO FDSDFLGDGH GH DQXODomR RX PDVFDUDPHQWR GRV
VLQWRPDV &RQVWLWXLQGR DVVLP RXVDPRV GL]HU XP FDVR VXL JHQHULV &RQIRUPH GL] *RIIPDQ
2 FDRV RFRUUHUi PHVPR TXDQGR WRGRV RVPHPEURVHVWLYHUHPFRQYHQFLGRVGHTXHRFDXVDGRU
GH SUREOHPDV p EDVWDQWH ORXFR SRLV HVVD GHILQLomR SRU VL Vy QmR RV OLYUD GH YLYHU HP XP

VLVWHPDVRFLDOQRTXDOHOHGHVHPSHQKDXPSDSHOSHUWXUEDGRU
1HVVH kPELWR R FDRV SRGH VHU D LQFRPSUHHQVmR FRP D QDUUDWLYD GR ORXFR RX DWp
PHVPR R VXUWR'LYHUVRVFDVRVIRUDPUHWUDWDGRVSRU6RORPRQ$SHVDUGHOHQmRFRQVLGHUDUTXH
D YLROrQFLD VHMD H[DOWDGD SHOD HVTXL]RIUHQLD D UXSWXUD IDPLOLDU H R VRIULPHQWR GRV HQWHV
SUy[LPRVRVmR'HVWDFDPRVRVHJXLQWHHYHQWRGHVFULWRSHORDXWRU
$OJXQV PHVHV GHSRLV -DFNLH IRL GH FDURQD GH 0DVVDFKXVHWWV D 1RYD<RUNSDUDID]HU
XPD VXUSUHVD j PmH GLVWDQWH 4XDQGR HVWD OKH SHUJXQWRX FRPR WLQKD VLGR D YLDJHP
HOD UHVSRQGHX TXH IRUD ³HVWXSUDGD Vy FLQFR YH]HV´ &KDUORWWH GLVVH ³2EYLDPHQWH D
JHQWH QXQFD VDEH QRTXHDFUHGLWDU1mRVDEHPRVRTXHDFRQWHFHXHHODWDPEpPQmR´
-DFNLH SDVVRX RV DQRV VXEVHTXHQWHV HQWUDQGR H VDLQGR GH PDQLF{PLRV UHVLGrQFLDV
FRPXQLWiULDV H RXWUDV DFRPRGDo}HV GH SURWHomR TXH YDULDYDP VHJXQGR DV IOXWXDo}HV
GH VXD SVLFRVH (QILP D FOR]DSLQD HQWURXHPFHQD³(ODpPXLWRPHLJDDJRUDTXHHVWi

VHQGRPHGLFDGD´GLVVH&KDUORWWH
$ DGDSWDomR GD HVTXL]RIUHQLD QmR p UHGHQWRUD 2 FDRV LPSOLFD HP GHVRUJDQL]DomR

IDPLOLDU FXMD UHRUJDQL]DomR SRVVXL HPSHFLOKRV QmR QHFHVVDULDPHQWH VROXFLRQiYHLV PDV
DGPLQLVWUDGRV (VVD FRQGLomR SURYpP GD MXQomR HQWUH IDWRUHV ELROyJLFRV H VRFLDLV 1HP WRGR
ORXFR p HVTXL]RIUrQLFR PDV HVWH ~OWLPR UHSUHVHQWD XPD FRQGLomR PXLWDV YH]HV FU{QLFD TXH
SRGH VH PDQLIHVWDU GH IRUPD DJXGD $ LPSRVVLELOLGDGH GD FXUD H D GLILFXOGDGH HP GLVFHUQLU
VXD RULJHP ELROyJLFD OHYD D DSOLFDomR GH PHGLGDV SDOLDWLYDV SDUD D UHGXomR GH HIHLWRV
VLQWRPiWLFRV 2 XVR GH SVLFRWUySLFRV REMHWLYD D UHGXomR GD GHWHULRUDomR FHUHEUDODVVLPFRPR
R PHOKRU FRQYtYLR VRFLDO 2 UHFRQKHFLPHQWR GR HX H D DGDSWDomR GR HX GRHQWH p D IRUPD
VRFLDOGHLQWHJUDomRHQWUHRORXFRHDIDPtOLDDTXDOSHUWHQFH
$OLHQDomR UHEHOLmR LQVROrQFLD GHVFRQILDQoD KRVWLOLGDGH DSDWLD LPSRUWXQDomR

LQWUXVLYLGDGH VmR VLQWRPDV PHQWDLV GH FRPSRUWDPHQWR QmR VHQGR RULJLQiULRV GD GRHQoD
(VTXL]RIUrQLFRV FRP RV VHXV VLQWRPDV PpGLFRV DQDOLVDGRV SRGHP UHSUHVHQWDU
¼Á½
NREJCLEP¼ÄÂ¼¢¼ÄÁÄ£L¾ÁÄ
¼Á¾
J@NASLEP½»¼¾HK?ÂÂ¾¼ÂÂ¾À
¼Á¿
NREJCLEP¼ÄÂ¼¢¼ÄÁÄ£L¾ÃÁ

Ã¾
LQGXELWDYHOPHQWH RV VLQWRPDV PHQWDLV 3RUpP D ORXFXUD DWULEXtGD FRQWLQJHQFLDOPHQWH SRGH

VHUQXWULGDGHVLQWRPDVPHQWDLVVHPDFDWHJRUL]DomRPpGLFD$LQIOXrQFLDVRFLDOGDSVLTXLDWULD
OHYD D FUHU QD GRHQoD GH WRGR ORXFR H QD LQFDSDFLGDGH GH DVVRFLDomR SRU VLQWRPDV PHQWDLV
MXVWDSRVWRV
2 LQtFLR GD GpFDGD GH DFRPSDQKD D UXtQD GDV LQVWLWXLo}HV SVLTXLiWULFDV H R
TXHVWLRQDPHQWR VREUH D WUDQVSRVLomR GR OXJDU GD LQVDQLGDGH $ G~YLGD GH *RIIPDQ VREUH D
SXOYHUL]DomRGDORXFXUDQRFRQWH[WRVRFLDOIRLDOLQKDGDDRUHFHLRGRFDRVHGDGHVRUJDQL]DomR
7RGDYLD D FRQFOXVmR QmR p VH OHYDULD DR DGRHFLPHQWR GH LQGLYtGXRV PDV DR GLVW~UELR GDV
UHODo}HV H GDV RUJDQL]Do}HV FRQIRUPH WUDWDPRV +i XPUHFHLRFRPDPDQLIHVWDomRGHIRUPDV
GH H[FOXVmR RX RFXOWDPHQWR VLQWRPiWLFR GHQWUR GR PHLR VRFLDO 5HWRUQDVH jV FRQGLo}HV GH
FRQWUROH VRFLDO H DSDJDPHQWR RX GHWHULRUDomR GD SHUVRQDOLGDGH FDVR QmR KDMD R
FRPSURPHWLPHQWRP~WXRFRPDLQVHUomRVRFLDOHUHGXomRGRVGDQRVFDyWLFRV

9,,, $FUtWLFDDRLQWHUDFLRQLVPRHjLGHQWLGDGH

(QWUH H TXDQGR IRUDP SHQVDGRV HFRPSRVWRVRVSULPHLURVUDVFXQKRVGHVWD
GLVVHUWDomR KDYLD XP LQWHUHVVH SHOR HQFRQWUR GH WHRULDV H PHWRGRORJLDV SUy
PDQLFRPLDOL]DomR 1mR SHOD DVVRFLDomR GHVWH SHVTXLVDGRU D HVWH FDPSR RX XPD HVFROKD SHOD
DSOLFDomR GHVVD KLSRWpWLFD FRQFHLWXDOL]DomR +DYLD XPD FXULRVLGDGH VREUH XPD SHUVSHFWLYD
FRQVHUYDGRUD H FLHQWLILFDPHQWH SDXWDGD SHOD PDQLFRPLDOL]DomR RV VHXV SULQFtSLRV H EDVHV
WHyULFDV ( HUD HVVH R OLPLWH 2 UHVXOWDGR LQIUXWtIHUR GH XPD SULPHLUD EXVFD LQYLDELOL]RX D
H[LVWrQFLD GHXPSURMHWRQHVVHVSDUkPHWURVSRLVIRUDPHQFRQWUDGRVSRXFRVHVWXGRVUHFHQWHVH
SRXFD RUJDQL]DomR GHQWUR GD VRFLRORJLD VREUH R HVWXGR GDV GRHQoDV PHQWDLV H GD ORXFXUD ±
OHYDQGRQRV D SUHRFXSDomR GD DWXDO GLVVHUWDomR 1R SULPHLUR FDStWXOR DOXGLPRV D XPD
DVVRFLDomR GH 7DOFRWW 3DUVRQV D HVVD SRVWXUD SRUpP HOD QmR p DXWrQWLFD 3DUVRQV DQDOLVD R
SDSHO GR GRHQWH H DRUJDQL]DomRGRVKRVSLWDLVSVLTXLiWULFRVSRUTXHHOHVVmRUHSUHVHQWDWLYRVGD
UHODomR HQWUH QRUPD FRQWUROHVRFLDOHRSDSHOGRGRHQWH2TXHpLQWHUHVVDQWHD3DUVRQVpXPD
LQVWLWXLomR IDF VtPLOH D PDQWHU RV PHVPRV SDUkPHWURV H KLHUDUTXLDV 3DUVRQV VH H[LPH GHVVH
GHEDWH DR H[WLQJXLOR HP VHX ~OWLPR DUWLJR VREUH R WHPD GHL[DQGR D VXD SXEOLFDomR
GLUHFLRQDGD DRV KRVSLWDLV SVLTXLiWULFDV VHP UHYLVLWDomR H VHP GHEDWH $QRV GHSRLV HQTXDQWR

Ã¿
LQYHVWLJDYD D IXQGR D REUD GH (UYLQJ *RIIPDQ H D UHSHUFXVVmR GH VHX HQVDLR 7KH,QVDQLW\RI
3ODFHGHSDUHLPHFRPRVHVFULWRVGH$QGUHZ6FXOO
(QWUH 0HQWDO 3DWLHQWV DQG 7KH &RPPXQLW\ HP H 7KH 3ODFH RI ,QVDQLW\ HP
H $QGUHZ 6FXOO SURPRYH D UHFRQVLGHUDomR GDV FDUDFWHUtVWLFDV QHJDWLYDV GR
PDQLF{PLR $ VXD MXVWLILFDWLYD VH EDVHLD QR VHJXLQWH SUREOHPD D LQWHJUDomR FRPXQLWiULD p
SUHMXGLFLDO DR WRGR VRFLDO $ DQRPLDGHFRUUHQWHGRQmRLVRODPHQWRGRVGRHQWHVPHQWDLVOHYDD
XPD FULVH VRFLDO LUUHVSRQVDYHOPHQWH QHJOLJHQFLDGD +RVSLWDLV SVLTXLiWULFRV WLYHUDP VHXV
GHIHLWRV H[DOWDGRV HP UD]mR GH FDVRV SDUWLFXODUHV HQTXDQWR D LQVWLWXLomR SRGHULD WHU VLGR
GHVHQYROYLGDLQWHJUDOPHQWHDSyVDVFUtWLFDVHDVXDUHIRUPXODomR
5HSHQVDU D GRHQoD PHQWDO H FULWLFDU D VXD HVWUXWXUD WDPEpP QmR p GHILQLU R VHX ILP
FRPR VROXomR GHILQLWLYD 2V DUJXPHQWRV JHUDLV SUy PDQLFRPLDOL]DomR DILUPDP TXH D
SHUPDQrQFLD GR SDFLHQWH HPUHJLPHDFHOHUDPRVHXWUDWDPHQWRHGHVHQFXPEHPRXWURVVHWRUHV
GD VRFLHGDGH GR WUDWR GHVWUHLQDGR FRP R ORXFR *RIIPDQ FRPSUHHQGH TXHHVVDVMXVWLILFDWLYDV
QmR VmR VXILFLHQWHV SDUD WRUQDU LQGHVHMiYHO D LQWHJUDomR GRORXFRRXGLVWLQJXLUYLYrQFLDVRFLDO
GH WUDWDPHQWR 3DUD SHQVDGRUHV FRPR 6FXOO KRXYH XP HVIRUoR FRQWtQXR H VHFXODU GH VHSDUDU
RV GRHQWHV PHQWDLV ± VHXV ORXFRV RX PDXV ±GRFRQYtYLRVRFLDO&RPRHP3DUVRQVRKRVSLWDO
SVLTXLiWULFR RFXSDULD XPD SRVLomRIXQGDPHQWDOSDUDDVRFLHGDGHFXMDUHPRomRSRULDHPULVFR
DSUySULDVRFLHGDGH
$ IDOWD GH DGDSWDomR SRGHULD LPSHOLU D IRUPDomR GH XPD UHODomR DQ{PLFD &RQIRUPH
H[SRVWR QR SULPHLUR FDStWXOR D WHRULD IXQFLRQDOLVWD EDVHLD D DQRPLD HQTXDQWR ULVFR VRFLDO GR
GHVHTXLOtEULR VRFLDO &RP D SHUGD GD RUJDQL]DomR VRFLDOHDFUHGLELOLGDGHGHVXDVLQVWLWXLo}HV
LPSXOVRV H GHVUHJUDPHQWR OHYDULDP j IDOrQFLD VLVWrPLFD WDO FRPR RUJDQLVPRV FRP yUJmRV
GHILFLHQWHV $ FUHQoD QD DQRPLD H R GHVHQYROYLPHQWR GR VHX FRQFHLWR QmRIRLHQFRQWUDGRQDV
REUDV HVWXGDGDV QHVWH FDStWXOR H DTXL H[SOLFLWDGDV +iXPDUD]mRSDUDWDO$PLFURVVRFLRORJLD
H D LQWHUDomR IDFH D IDFH JRIIPDQLDQDV QmR VH DSHJDP D FRQFHLWXDOL]Do}HV JHUDLV RX
JHQHUDOL]DQWHV FRPR D DQRPLD (VWD VHULD RXWUD FDUDFWHUtVWLFD DSRQWDGD SRU 6FXOO TXH WHULD
OHYDGR DR ILP GD DSOLFDomR WHyULFD D DXVrQFLD GH GHWHUPLQDo}HV JHUDLV SDUD RULHQWDU RV
GLDJQyVWLFRV HP JUDQGHV FRQWH[WRV $ SHUGD R GHVHTXLOtEULR D UXSWXUD GDV UHODo}HV GHYHP
DFRQWHFHU H VHU H[SOLFLWDGDV DOL QR FRQWDWR H SHOD LQWHUDomR $ WHUPLQDomR PDLV SUy[LPD GH
DQRPLD XWLOL]DGD SRU *RIIPDQ p DTXHOD GH FDRV KDYRF HP 7KH ,QVDQLW\ RI 3ODFH eSRULVVR

ÃÀ
TXH D DGDSWDomR H D QDUUDWLYD VmR WmR LPSRUWDQWHVQDVREUDVGH(UYLQJ*RIIPDQDTXLH[SRVWDV

HUHSUHVHQWDPXPFRQWLQXXP
3RU RXWUR ODGR D DQRPLD p OHLWXUD UHOHYDQWH SDUD $QGUHZ 6FXOO 1mR SHOR XVR GR
WHUPR PDV SHOR TXH HOH UHSUHVHQWD$LPLQrQFLDGRGHVHTXLOtEULRHXPPXQGRjEHLUDGRFDRV
FRP R GHVUHJUDPHQWR GD HVWUXWXUDO LQVWLWXFLRQDO KRVSLWDODU p XP UHFHLR FRQVWDQWH H WHPiWLFD
UHFRUUHQWH DR ORQJR GDV REUDV HVWXGDGDV 3DUD 6FXOO R SHVDU GDV QRo}HV GH 7KRPDV 6]DV] H
(UYLQJ *RIIPDQ VH UHVXPHP j ³LGHLD URPkQWLFD TXH D ORXFXUD HUD VRPHQWH XP FRQVWUXWR
VRFLDO XPD FRQVHTXrQFLD GD URWXODomR DUELWUiULD TXH KRVSLWDLV SVLTXLiWULFRV H[LVWHQWHV
HUDP WmR KRUUtYHLV TXHTXDOTXHUDOWHUQDWLYDGHYHGHDOJXPDIRUPDUHSUHVHQWDUXPDPHOKRULD

7UDGXomRQRVVD
2 HVFUXWtQLR FpWLFR GR DXWRU OHYD DFUHUQDGHPROLomRGHXPSURMHWRHQWUHH
SRU DXWRUHV FUtWLFRV j PDQLFRPLDOL]DomR $ VXMHLomR GR ORXFR DR FRQYtYLR IDPLOLDU VHULD
QHJOLJHQFLDU R VRIULPHQWR H R DGRHFLPHQWR IDPLOLDU QR VHX FtUFXOR LQWHUDFLRQDO $GHPDLV
OHYDULD D VRFLHGDGH FRPR XP WRGR D WHU GH OLGDU FRP DFRQWHQomRHFRQILQDPHQWRGHXPFDRV

WUDQVERUGDQWH 6FXOO FHUWDPHQWH QmRLJQRUDDVWUDJpGLDVRFRUULGDVSHORFRQWH[WRPDQLFRPLDO
QR VHX ORFDO GH RULJHP QR UHLQR XQLGR SRUpP DVVXPH GDU PHQRV JHQHUDOLGDGH D VXDV

RFRUUrQFLDV $ DXVrQFLD GH XPOXJDUGDLQVDQLGDGHOHYDULDjLQVDQLGDGHGROXJDUFRQIRUPH
VHJXHRMRJXHWHWLWXODUGDVXDREUD
1mR FRQVLGHUDPRV TXH WHQKD KDYLGR XPD QHJOLJrQFLD RX LQFRQVHTXrQFLD SRU SDUWH GH
(UYLQJ *RIIPDQ H GHPDLV QD FRQVLGHUDomR VREUH D ORFDOL]DomR GD ORXFXUD(VVHQHPVHTXHUp
XP SRQWR HVTXHFLGR SHORV UHODWRV WUD]LGRV HP 0DQLF{PLRV 3ULV}HV H &RQYHQWR (VWLJPD H
7KH ,QVDQLW\ RI 3ODFH $ FUHQoD GH QmR WHU KDYLGR XP TXHVWLRQDPHQWR DFHUFD GD ORFDOL]DomR
GD GRHQoD PHQWDO H GDV DOWHUQDWLYDV j KRVSLWDOL]DomR VHUYH FRPR HVIRUoR DUJXPHQWDWLYR SDUD

FULDU XP IDOVR GLOHPD &RQILJXUD XP IDOVR GLOHPD SRLV Ki D RFXOWDomR RX GHVFRQKHFLPHQWR
¼ÁÀ
J@NASAJP=H=PEAJPO=J@DAKIIQJEPUNEPE?=HKPA JPANJ=PEKJ=H KQNJ=HKB=S=J@
OU?DE=PNUKHÄ¼ÄÃÁL¾Ä¼
¼ÁÁ
J@NASDA JO=JEPUKBH=?ADAH=?AKB JO=JEPUOO=UOKJPDADEOPKNUKBLOU?DE=PNUAS
KNGKQPHA@CA½»»ÁL¼À
¼ÁÂ
@AIE>E@AILL¾À¼Á¼Ã
¼ÁÃ
?EP=^ZK @A J@NAS ?QHH @A KJ@A OQNCA AOOA MQAOPEKJ=IAJPK OA Ha @=OACQEJPAI=JAEN=ZKDXLKN
ATAILHK JAJDQI=PAJP=PER=JKPN=>=HDK@A KBBI=J@AAT=IEJ=NLKNMQA=OLAOOK=O=?=>=IAIDKOLEP=EO
LOEMQEXPNE?KO L=NAJPAIAJPA AHAO OZK @A =HCQI= BKNI= PN=d@KO LAHKO OAQO L=NAJPAO I=EO LNjTEIKO A
MQANE@KO AI>KN= K IKPERK LAHK MQ=H KO KQPNKO OECJEBE?=PERKO OA OEJP=I EILAHE@KO = B=VaHK OAF= MQ=OA
PKP=HIAJPA JZK AOLA?EBE?=@KTEOPAIMQAOPlAO?KIK=HK?=HEV=^ZKOK?E=H@=O@KAJ^=OIAJP=EOAKOPELKO@A
ATEOPaJ?E= L=N= KO MQ=EO = DKOLEP=HEV=^ZK ` QI= =HPANJ=PER= OPAO P=I>Ì OZK ECJKN=@KO AI OEHaJ?EK

ÃÁ
GRV WUHFKRV GHVVDV REUDV TXH WDQJHP R IDWR (VVD QRomR SUHVHQWH QD SULPHLUD REUD GH 6FXOO p
UHPRGHODGD QR DUWLJR GH H HP VXD UHYLVmR QD REUD KRP{QLPD GH $OWHUDQGR D
IRUPD H R FRQWH~GR 6FXOO DOHJDULD TXH D SRXFD FLUFXODomR GR 7KH ,QVDQLW\ RI 3ODFH GH
*RIIPDQ HP OHYRX j DGRomR SDUFLDO GH VXD WHRULD HQTXDQWR SUy GHVPDQLFRPLDOL]DomR
)DWR TXH R OHYRX D DGRWDU WDO GLDJQyVWLFR VREUH R DXWRU HP &RPR HP XPD MRJDGD D
SHUFHSomR GH 6FXOO VREUH D REUD JRIIPDQLDQD VH WRUQD ³GRHQoD PHQWDO p LQWHLUD VREUH FDRV H
GHVRUJDQL]DomR DVVLP FRPR RV HVIRUoRV SDUD FRQWHU H PLWLJDU RV SUREOHPDV TXH IOXHP GD

GHVRUGHPHGDDPHDoD´
&RQWHPSODQGR EUHYHPHQWH D DERUGDJHP GH 6FXOO UHIHUHQWH j SUHRFXSDomR DFHUFD GD
LQWHJUDomR H DGDSWDomR SUREOHPDV VHYHURV VmR UHFRQKHFLGRV QHVWH WLSR GH FRQYtYLR $QGUHZ
6RORPRQ H[S}H DR PHQRV GRLV FDVRV HP /RQJH GD ÈUYRUH TXH VmR UHSUHVHQWDWLYRV 2V FDVRV
GH +DUU\ H GH 3HWHU SRVWRV DEDL[R VmR SHORVRVROKRVGHVHXVSDLVDVXMHLomRjHVTXL]RIUHQLD
1mR p D YHUJRQKD RX R WHPRU GD YLROrQFLD D FDUDFWHUtVWLFD GR UHODWR PDV D SURMHomR GDV
H[SHFWDWLYDVHDDGDSWDomRGRVSDSpLV
³(X HUD PXLWR PDLV IUtYROD DQWHV GH VHU DUUDVWDGD HVSHUQHDQGR H JULWDQGR SDUD R
XQLYHUVR GD GRHQoD PHQWDO´ FRQWRX (X OKH SHUJXQWHL TXDQWR GH VXD HQHUJLD
HPRFLRQDO +DUU\ RFXSDYD H VHXV ROKRV VH HQFKHUDP GH OiJULPDV (OD HQFROKHX RV
RPEURV H IRUoRX XP VRUULVR µ7RGD HOD7RGLQKD¶GLVVHTXDVHFRPFXOSD³1mRSRVVR

ID]HUQDGD´
2 VRIULPHQWR SVtTXLFR GHULYDGR GD H[SHFWDWLYD HVWLOKDoDGD H GD GHWHULRUDomR GDV
UHODo}HV OHYDULD D FUHQoD GH XP DGRHFLPHQWR IDPLOLDU 3RU RXWUD YLD VHXV HQWHV VH YHHP
VXMHLWRV j FRQGLomR GH LQVWLWXFLRQDOLGDGH GLIXVD ,VWR p D VXEVWLWXLomR GD SUHVWDomR GDGD SHOR
KRVSLWDO SVLTXLiWULFR ± LQVWLWXLomR VRE RUJDQL]DomR HVWDWDO RX SULYDGD SDUD D DVVLPLODomR
SDUFLDORXWRWDOGHVWDIXQomRSHODLQVWLWXLomRIDPLOLDU
$WXDOPHQWH 3HWHU HVWi QXPD LQVWLWXLomR UHVLGHQFLDO H YLVLWD R SDL TXDWUR YH]HV SRU
DQR ³(X R OHYR SDUD MDQWDU HOH SDVVD D QRLWH HP FDVD H YROWD SDUD Oi´ GLVVH :DOWHU
³+i DOJXPD FRLVD SRVLWLYD QD UHODomR" (OD RIHUHFH PRPHQWRV GH SUD]HU" 1mR (X
DGRUDULD VH HOH WLYHVVH XP HPSUHJR FRP VDOiULR PtQLPR HPSDFRWDGRU GH
VXSHUPHUFDGR RX FRLVD TXH R YDOKD H VLQWR TXH WHP IHLWR DOJXPD FRLVD SDUD VH
YDORUL]DU 0DVRPHOKRUTXHFRQVHJXHpTXDVHRSLRUHLVVRpWDQWRPDLVWULVWHSRUTXH
R µSRGLD WHU VLGR¶ GLODFHUD R FRUDomR GD JHQWH 3DUD VHU IUDQFR VHULD PHOKRU VH HOH
WLYHVVH PRUULGR 0HOKRU SDUD HOH PHOKRU SDUD WRGR PXQGR ,VVR SDUHFH VHU D SLRU
CQ=HIAJPA CN=RA JAOPA PN=>=HDK JZK DX JAJDQI= PAJP=PER= @A @AOAJRKHRAN K PELK @A ARE@aJ?E=
OEOPAIXPE?= @A MQA LNA?EO=IKO L=N= @A?E@EN OA A MQ=JPK @K @EOPqN>EK IAJP=H @K L=?EAJPA ` K LNK@QPK @K
@AOAJRKHREIAJPK @A L=PKHKCE=O EJPN= EJ@ERE@Q=EOAKMQ=JPKNABHAPA=OLNAOOlAOATPANJ=O@AQI=OK?EA@=@A
OK?E=H KQ PELK =I>EAJP=H¯ N=@Q^ZK JKOO=¡ J@NAS AJP=H =PEAJPO =J@ DA KIIQJEPU
NEPE?=HKPA JPANJ=PEKJ=H KQNJ=HKB=S=J@OU?DE=PNUKHÄ¼ÄÃÁL¾ÃÂ
¼ÁÄ
J@NASLEP½»»ÁL¼½½
¼Â»
J@NASLEPHK?Â½¼ÂÂ½½½

ÃÂ
FRLVD TXH VH SRGH GL]HU 0DV HVWD YLGD p GLILFtOLPD SDUD HOH H GLILFtOLPD SDUD WRGRV
3RU TXH R FDPLQKmR QmR R HVPDJRX FRPSOHWDPHQWH VH HUD SDUD FDXVDU HVVH WLSR GH
GDQR"´ :DOWHU SDVVRX XP ERP WHPSR ROKDQGR SHOD MDQHOD ³( DJRUD HX YRX FKRUDU
6DEH LVVR p XPD PRUWH $ DOHJULD p XP GRV SRXFRV SUHVHQWHV TXH SRGHPRV GDU DRV
QRVVRV VHPHOKDQWHV HP HVSHFLDO DRV ILOKRV H HX QmR SXGH GDU DOHJULD QHQKXPD D

3HWHU´
6RORPRQ YLULD DGPLWLU HP VXD SUySULD REUD VREUH R VRIULPHQWR H D LQGLJQDomR FRP D
FRQGLomRWHUVLGRPDLRUQDVXDH[SHULrQFLDFRPHVTXL]RIUrQLFRVGRTXHHPUHODomRDRVGHPDLV

FDVRV HVWXGDGRV 8P VRIULPHQWRLQ~WLOVHJXQGRDVXDYLVmR 6HHOHpLQ~WLORXQmRQmRFDEH
D HVWHV HVFULWRV H D HVWH DXWRU VHU R MXL] &RPSUHHQGHPRV VHU FDUDFWHUtVWLFR HQTXDQWR WLSR GH
HVWLJPD D LQFHUWH]D VREUH R RXWUR H D GLILFXOGDGH HP HVWDEHOHFHU DFRUGRV RX DWULEXLo}HV GH
SDSHO $ DQXODomR GR RXWUR SRGH VH HTXLSDUDU DR GHVHMR SHOD DQXODomR GRV VLQWRPDV
SDUWLFXODUPHQWH TXDQGR DV FRQGLo}HV SRVWDV SHOD HVTXL]RIUHQLD VH DVVHPHOKDP D XP WUDXPD
LQJUDWRHLUUHFXSHUiYHO
$ KRVWLOL]DomR GD GRHQoDPHQWDOHDLQVLVWrQFLDQRXVRGRWHUPRSRU$QGUHZ6FXOOQRV
OHYD D XPD FRQFOXVmR SDUWLFXODU VREUH D VXD REUD +i XPSUHWHQVmRUHFRUUHQWHHQWUHSROtWLFDH
WUDWDPHQWR DWHVR DR FRQMXQWR QRUPDWLYR $ QRPHQFODWXUD QmR p QHJDGD H D SROtWLFD GH
WUDWDPHQWR p H[DOWDGD 'LIHUHQWHPHQWH (UYLQJ *RIIPDQ DSUHVHQWD XPD UHVLVWrQFLD QR XVR GR
WHUPR GRHQoD PHQWDO GHVYLR H VLQWRPDV SVLTXLiWULFRV DR ORQJR GH VXD WUDMHWyULD ± SRLV D
DSOLFDomR GRV WHUPRV GHWHUPLQD D SUySULD SRVLomR 6FXOO GHVYLD GR SHQVDPHQWR JRIIPDQLDQR
DR DWHUVH QD UHPRGHODomR H UHFRQVWUXomR GD LQVWLWXLomR HP HVSHOKR DR VRIULPHQWR GR HX
HQTXDQWR SUREOHPiWLFDV 2 RFRUULGR FRP DV LQVWLWXLo}HV PDQLFRPLDLV GD GpFDGDGHSDUD
Fi VHULDP FRPR HVSDOKDU D LQVDQLGDGH SRU WRGDV DV IHQGDV LQFyOXPHV WDQJHQGR WRGD D
VRFLHGDGH GH WRQV GH ORXFXUD $ PXOWLSOLFDomR H SXOYHUL]DomR GRV ORFDLV RQGH D LQVDQLGDGH
VHULD FRQWLGD HP VXDV SDODYUDV SUHFHGH XPD UHDOLGDGH SURJUHVVLYDPHQWH PDLV FDyWLFD
FRQIXVDHGHVHVSHUDGRUDGRTXHRVPDQLF{PLRVGRSDVVDGR
3HORV DUJXPHQWRV WUDoDGRV H H[SRVWRV QHVWDV OLQKDV DFUHGLWDPRV VHU XPD FRQFOXVmR
SUHFLSLWDGD H TXLoi VHQVDFLRQDOLVWD $ GHVPDQLFRPLDOL]DomR H GHVSDWRORJL]DomR GD ORXFXUD
QmR UHPRYHP RV VHXV VLJQLILFDQWHV ± VHTXHU 6]DV] RX *RIIPDQ FRQVLGHUDP WDO SUHUURJDWLYD
'D PHVPD IRUPDTXHDUHPRomRGRVPDQLF{PLRVGHSHGHVWDOLQVWLWXFLRQDOVHTXHUUHSUHVHQWDP
RILPGDSROtWLFDHRGHVFDVRFRPDUHSHUFXVVmRVRFLDO
¼Â¼
E@AIE>E@AIHK?Ã¼¼ÃÃ¼½Á
¼Â½
@AIE>E@AIHK?ÃÃÀ»ÃÃÂ½

ÃÃ
2 HVWLJPD p IHLWR VXEVWDQFLDO DR WRUQDU D TXDOLGDGH GD DQRUPDOLGDGH FRPR IDWRU GH
GLVWLQomR QmRPHUDGLFRWRPLDGDQRUPDOLGDGH,VWRpDFDWHJRUL]DomRHPHVWLJPDGLVWLQJXHDV
FDUDFWHUtVWLFDV VLQWRPiWLFDV GH VHX YLpV SDWRORJL]DQWH H GH VXD UHVWULomR DR FDPSR PpGLFR
UHODWLYL]DQGR D VXD FRORFDomR QR FDPSR VRFLDO $ SVLTXLDWULD D VRFLRORJLD H DWp PHVPR D
KLVWyULD HP FRDGXQDomR FRP 6FXOO Mi VH IH] SUHSRQGHUDQWHPHQWH D IDYRU GD GRHQoD H GD
DILUPDomR GD GLVWLQomR )D]VH RPRPHQWRGHHQDOWHFHUDTXHOHVTXHQDUUDUDPDORXFXUDDSHVDU
GRV KRVSLWDLV SVLTXLiWULFRVHGDSDWRORJL]DomRGRGHVYLDQWHeQHFHVViULRLQYHUWHURROKDUSDUD
SHUFHEHU FRPR D ORXFXUD HUD FRUSR SUHVHQWH QD VRFLHGDGH H QR HVWLJPD DQWHV PHVPR GRV
ORXFRV WHUHP D VXD VROWXUD $Wp RV GLDV DWXDLVDGLVFXVVmRGHVVHVFUtWLFRVVHSURYRXUHOHYDQWH
3RU WUDMHWyULD IRL FRQVWUXtGD D GLIHUHQFLDomR GR RXWUR FDEH j SUHVHUYDomR GHVVHV HVWXGRV
DYHULJXDU FRPR R PHVPR IRL IHLWR j UHYHOLD GH PLQRULDV H GH PDVVDV GH GHVYLDQWHV IHLWDV j
IRUoD 1mR p D ORXFXUD FDSD] GH SURGX]LU DEHUUDo}HV D VHUHP SUHVHUYDGDV H RFXOWDGDV HP
PXVHXV GD KLVWyULD VRE ULVFR GH YLOLSHQGLDomR GR HVSDoR HP TXH YLYHPRV H VREUHYLYHPRV
1mR p D SHUGD GH XPD YLVmR SHULIpULFD H D GHGLFDomR H[FOXVLYDjFDWHJRUL]DomRHURWXODomRGH
GLVWLQWRVHYDULDGRVORXFRV2SUREOHPDQmRpDORXFXUD
$ VRFLHGDGH p FDSD] GH REMHWLYDU SURGX]LU H VRIUHU SRU VHXV SUySULRV ORXFRV
&RQIRUPH JUDYRX )UDQFLVFR GH *R\D HP iJXDIRUWH QD SUDQFKD GH Q~PHUR GH VRE D
VpULH /RV &DSULFKRV HP 2VRQRGDUD]mRSURGX]PRQVWURV/RFDOL]DGDDWXDOPHQWHQR
0XVHX GR 3UDGR HP 0DGULG D VXD OHJHQGD Or $ IDQWDVLD DEDQGRQDGD GD UD]mR SURGX]
PRQVWURV LPSRVVtYHLV XQLGD DHODpDPmHGDVDUWHVHDRULJHPGDVPDUDYLOKDV$FUHGLWDUTXH
D LQVDQLGDGH H VHXV ORXFRV SURGX]HP PRQVWURV p HVTXHFHUVH GH FRPR WDQWRV ORXFRV QmR R
IRUDPSRUSULQFtSLRPDVSRUVROXomRVRFLHWiULD

ÃÄ
&DStWXOR,,,
/RXFXUDHDQRUPDOLGDGHHP)RXFDXOW

$ORXFXUDDGHJUDGDomRKXPDQD±RKRUURUGHVVHHVSHWiFXOR
>@ $VXDORXFXUDYHLROKHGDYDLGDGHGRHQWLD
%$55(72/LPD'LiULRGR+RVStFLR

,; &RQWH[WR

1HJUR HVFULWRU H GLDJQRVWLFDGR DOFRyODWUD /LPD %DUUHWR p XP GRV H[HPSORV PDLV
FODURV GD HXJHQLD QD OLWHUDWXUD EUDVLOHLUD $ H[SHULrQFLD GD ORXFXUD HVWDYD DOL JUDYDGD HP
FDUQH H SHQD SHOR UHWUDWR FRPSRVWR HP 'LiULR GR +RVStFLR H &HPLWpULR GRV 9LYRV $
H[SHULrQFLD VRFLDO YLYLGD H PDUFDGD QR DXWRU VH WRUQD VLPXOWDQHDPHQWH GRFXPHQWR H WH[WR
OLWHUiULR 1DVFLGR QRV DQRVGHUUDGHLURVGR6HJXQGR5HLQDGRQR5LRGH-DQHLURGH/LPD
%DUUHWR FRQGX]LX XPD FDUUHLUD GH HVFULWRUHHGLWRUGHSHULyGLFRVGXUDQWHD3ULPHLUD5HS~EOLFD
%UDVLOHLUD DWp D VXD PRUWH FRP DQRV GH LGDGH HP ,QWHUQDGR QR +RVStFLR 1DFLRQDO

GRV $OLHQDGRV HPGHDJRVWRGHSRUSUREOHPDVFRPDOFRROLVPR HOHWHPDVXDVD~GH
HP FRQWtQXD GHWHULRUDomR OHYDQGRR j DSRVHQWDGRULD HP $ PDUFD GHL[DGD SHOR
PDQLF{PLR HVWi SUHVHQWH QDV GXDV REUDV PHQFLRQDGDV QHVWD LQWURGXomR $GHPDLV HOD HVWi
HYLGHQWH QD VXD UHMHLomR jV WHQWDWLYDV GH LQJUHVVR QD $FDGHPLD %UDVLOHLUD GH /HWUDV H QR

HVTXHFLPHQWR GD REUD GH /LPD %DUUHWR DWp DV QRVVDV ~OWLPDV GpFDGDV $ /LPD %DUUHWR
FRXEH R HVWLJPD H D GHWHUPLQDomR GD DQRUPDOLGDGH LQGLJQRSRUWDQWRDRFXSDUXPSDQWHmRGH
OLWHUDWRV
2V ORXFRV RV GHJHQHUDGRV RV DQRUPDLV WRGRV DTXHOHV LPSUySULRV DR FRQYtYLR VRFLDO
VmR GLVWLQJXLGRV VHSDUDGRV WUDQFDILDGRV7RGRVHVVHVUHGX]LGRVjPtQLPDIUDomRKXPDQDDWp
QmR SRGHUHP PDLV VHUHP UHFRQKHFLGRV FRPR WDO 1 2 &HPLWpULR GRV 9LYRVRSULPHLURKRUURU
¼Â¾
EI=EXNEK@K KOLd?EK JEXNEK@K KOLd?EKAIEP`NEK@KOERKOZK=QHKKO=?=EBU
½»¼»¢¼Ä½¼£LL¼½Â¼¾¼
¼Â¿
@AIE>E@AIL¿¾
¼ÂÀ
HBNA@KNABX?EK JEI=EXNEK@K KOLd?EKAIEP`NEK@KOERKOZK=QHKKO=?
=EBU½»¼»LL¼¾¿¼

Ä»
GR SURWDJRQLVWD YrP D SDUWLU GR PRPHQWRTXHDGHQWUDRVHXTXDUWRHOKHFHUUDPDSRUWD7RGR

R HQFRQWUR FRP D DXWRULGDGH H D LQVWLWXLomR IRUDP UHSUHVHQWDGRV QR FHUFHDPHQWR GD VXD
OLEHUGDGH $WUHODGR j HVVD HVWDYD R HVWLJPD FRPSDUWLOKDGR SHORV RXWURV FRPRVTXDLVSDVVDYD
DFRPSDUWLOKDURHVSDoR$QRUPDOLGDGHpXPDGLIHUHQFLDomRDOJRTXHQmRRSHUWHQFHPDLV
$ SHUVRQDOLGDGH H D RSLQLmR VREUH R RXWUR ± R ORXFR ± WHP GH VHU VXELWDPHQWH
WUDQVIRUPDGD H MXVWLILFDGD D SDUWLU GDV SURYDV GD OHL RX GD PHGLFLQD 7RGDV HODV
PHWLFXORVDPHQWH DFXPXODGDV H HWLTXHWDGDV SDUD MXVWLILFDU RSDSHOHDSRVLomRRFXSDGRV3DUWH
GH XP SURFHVVR GH VXMHLomR GR RXWUR DJRUD UHGX]LGR D XPD SRVLomR VREUH D TXDO QmR SRVVXL
HVFROKDRXPRWLYDomRSDUDSHUPDQHFHU
9HLRPH UHSHQWLQDPHQWH XP KRUURU j VRFLHGDGH H j YLGD XPD YRQWDGH GH DEVROXWR
DQLTXLODPHQWR PDLV GR TXH DTXHOH TXH D PRUWH WUD] XP GHVHMR GH SHUHFLPHQWRWRWDO
GD PLQKD PHPyULD QD WHUUD XP GHVHVSHUR SRU WHU VRQKDGR H WHUHP PHDFHQDGRWDQWD
JUDQGH]D H YHU DJRUD GH XPD KRUD SDUD RXWUD VHP WHU SHUGLGR GH IDWR D PLQKD

VLWXDomRFDLUWmRWmREDL[RTXHTXDVHPHSXVDFKRUDUTXHQHPXPDFULDQoD
6REUH RV DQRUPDLV UHVWD R KRUURUGDORXFXUD(VVDORXFXUDTXHSRGHWRFDURUHVWDQWHGD
VRFLHGDGH DPHGURQWiOD H OHYDU DR FHUFHDPHQWR SURJUHVVLYR 1RV FDStWXORV DQWHULRUHV
HVWDEHOHFHPRV D UHODomR VREUH D QRUPD H R ORXFR DVVLP FRPR RORXFRHDVXDFDUDFWHUL]DomR
%DVHDGRV HP XPD OLWHUDWXUD FHQWUDOPHQWH HVWDGXQLGHQVH HUJXHPRV DV WHRULDV HVWUXWXUDO
IXQFLRQDOLVWD H LQWHUDFLRQLVWD VLPEyOLFD SDUD WUDWDU GHVVHV WHPDV H GR VHX FRQWH[WR 'XUDQWHR
SULPHLUR FDStWXOR D QRUPD H R FRPSRUWDPHQWR HP FRQIRUPLGDGH UHSUHVHQWDUDP D RULJHP H
IRUPDomR GR FRPSRUWDPHQWR GHVYLDQWH &RP D SRVLomR GR ORXFR HQWUH R GHVYLR H D GRHQoD
LOXVWUDPRV IRUPDV GH FRQWUROH VRFLDO H D QHFHVVLGDGH GH H[LVWrQFLD GR ORXFR(PFRQMXQWRRV
ORXFRV IRUPDULDP XP FRUSR GH LQGLYtGXRV GHVSURYLGRV GH VROLGDULHGDGH H LQWHJUDomR (VVD
~OWLPD FDUDFWHUtVWLFD p H[SDQGLGD QR VHJXQGR FDStWXOR GD GLVVHUWDomR HP TXH R ORXFR p
FRORFDGR VRE RV VLJQRV GD FUtWLFDGDGRHQoDPHQWDOGRHVWLJPDHGDDGDSWDomR&RQFOXtPRVR
~OWLPR FDStWXOR TXHVWLRQDQGR R SDSHOHRHVSDoRGDORXFXUDVXJHULQGRDSRVVLELOLGDGHGHXPD
VRFLDELOLGDGH SLRU jTXHOD GD ORXFXUD (VVD VRFLDELOLGDGH p D IRUPDGRUD GRV ORXFRV H GD
ORXFXUD $OXGLPRV j XPD ORXFXUD Mi SUHVHQWH QD RUJDQL]DomR VRFLHWiULD FDSD] GH SURGX]LU H
REMHWLYDURVVHXVORXFRV
1R FDStWXOR GHUUDGHLUR GH QRVVD GLVVHUWDomR H[SORUDUHPRV FHQWUDOPHQWH D UHODomR
HQWUH DV REUDV +LVWyULD GD /RXFXUD GH RULJLQiULD GH VXD WHVH GH GRXWRUDPHQWR H 2V
EI=AIEP`NEK@KOERKO JEXNEK@K KOLd?EKAIEP`NEK@KOERKO ZK=QHKKO=?

¼ÂÁ
=EBU½»¼»¢¼Ä½¼£LL¼ÃÀ

Ä¼
$QRUPDLV GH 0LFKHO )RXFDXOW SXEOLFDGDV D SDUWLUGDWUDQVFULomRGRVVHPLQiULRVUHDOL]DGRVQR

&ROOHJH GH )UDQFH HQWUH RV DQRV GHH(VVDVRQ]HDXODVWRFDUDPWHPiWLFDVYDULDGDV
± GD SHUFHSomR VREUH MXVWLoD j VH[XDOLGDGH ± WDQJHQWHV VHPSUH j GLVWLQWDV QRo}HV GH
DQRUPDOLGDGH HSRUYDULDGDVYH]HVjVXDDVVRFLDomRFRPDORXFXUD$HVFROKDGHWDOREUDHVWi
UHIOHWLGD QD WUDMHWyULD GRV FXUVRV DQWHULRUPHQWH PLQLVWUDGRV SRU )RXFDXOW GHQWUR GH XPD

JHQHDORJLDGDQRUPDOL]DomRHGDSXQLomR
3Uy[LPR D WDO DQiOLVH FRQVWUXtPRV D GLPHQVmR GH XPD WHRULD SDXWDGD QDLQYHVWLJDomR
GRV SULQFtSLRV LGHROyJLFRV H D GHVFRQVWUXomR HVTXHPiWLFD GRV LQVWUXPHQWRV QRUPDOL]DQWHV H
HVWUXWXUDLV GD ORXFXUD HQTXDQWR DEHUUDomR (P FRQWUDSDUWLGD p HVWDEHOHFLGD XPD ORXFXUD D
SDUWLU GRV SULQFtSLRV LGHROyJLFRV H GLIHUHQFLDLV H[LVWHQWHV QD VRFLHGDGHSDUDRUHJUDPHQWRGRV
FRUSRV(VVDVFDUDFWHUL]Do}HVHVWmRSUHVHQWHVHPHVSHFLDOQD+LVWyULDGD/RXFXUD
'HQWUR GD REUD IRXFDXOWLDQD HVVHV GRLV OLYURV LQWHJUDP GXDV HWDSDV GLVWLQWDV GD
FRQVWUXomRGHVXDDQiOLVHGDDUTXHRORJLDHVDEHUjJHQHDORJLDHSRGHU+LVWyULDGD/RXFXUDp
UHSUHVHQWDWLYD GD SULPHLUD IDVH HQTXDQWR 2V $QRUPDLV GD VHJXQGD$GLVFXUVLYLGDGHVREUHD
SVLTXLDWULD SUHVHQWH Q¶$ +LVWyULD GD /RXFXUD VHJXH D FRQVWUXomR GH XP FDPSR GR VDEHU
HQTXDQWR REMHWR $ TXHVWmR p SULPHLUDPHQWH DSVLTXLDWULDVHQmRRPRGRGHOLGDUFRPRORXFR
SDUD HQWHQGHU FRPR D PHGLFLQD UHJH VXDV UHJUDV 2 GHVORFDPHQWR DQDOtWLFR SDUD DJHQHDORJLD
YLVD D UHODomR HQWUH LQVWLWXLo}HV H YDORUHV DSOLFDGRV FRQFHLWXDOPHQWH ± FRPR D YHUGDGH
DVVRFLDGD j MXVWLoD H j UD]mR ± SDUD HVWXGDU UHODo}HV GHSRGHUHGLVVRQkQFLD&RPSUHHQGHPRV
TXH D ORXFXUD UHSUHVHQWD XPD DQRUPDOLGDGH GLIXVD QR FDPSR VRFLDO H MXUtGLFR FXMR
GHWHUPLQLVPR pGDGRFRPHPEDVDPHQWRSRVVtYHOHPGLIHUHQWHVFDPSRV$IRUPDGRSRGHUHP
)RXFDXOW QmR p XQLFDPHQWH HFRQ{PLFD RX MXUtGLFD SHOR FRQWUiULR p EXVFDGR XP HVWXGR
DQDOtWLFR GR SRGHU TXH IXMD GD SHUFHSomR HFRQ{PLFD $ H[SORUDomR p IHLWD SHODV EHLUDGDV
¼ÂÂ
O ?QNOKO =JQ=EO @K KHH_CA @A N=J?A =PNE>QE^ZK @=@= =KO LNKBAOOKNAO EJCNAOO=JPAO BKN=I
IEJEOPN=@KO LKNE?DAH KQ?=QHP@A¼ÄÂ»=JK@AOAQEJCNAOOK=P`¼ÄÃ¿MQ=J@KB=HA?A=EO?QNOKOLK@AI
OAN LAJO=@KO @AJPNK @= KNC=JEV=^ZK @= LNjLNE= K>N= BKQ?=QHPE=J= =NMQAKHKCE= CAJA=HKCE=A`PE?=QPN=O
@AJKIEJ=^lAO BKN=I =PNE>Qd@=O =KO IAOIKO AETKO ?KIK RAN@=@A KQ O=>AN¡ LK@AN A OQFAEPK=@=AP=L=
OACQENE= QI= @`?=@= @K PN=>=HDK @K =QPKN =OOK?E=J@K = @`?=@= @A ¼ÄÁ» W =NMQAKHjCE?= ¼ÄÂ» W
CAJA=HjCE?= A ¼ÄÃ» W `PE?= AP=L= =NMQAKHjCE?= OACQA @= EOPjNE=@=KQ?QN= ¼ÄÁ¼¡WNMQAKHKCE=@K
O=>AN ¼ÄÁÄ¡ LANL=OO=J@K =O?EIAJPK @= HdJE?= ¼ÄÁ¾¡ A O =H=RN=O A =O KEO=O ¼ÄÁÁ¡ AP=L=
CAJA=HjCE?= AI=J= @ N@AI @K EO?QNOK ¼ÄÂ»¡ W E?NKBdOE?= @K K@AN LANL=OO=J@K ECE=N A QJEN
¼ÄÂÀ¡ A EOPjNE= @= ATQ=HE@=@A @=P=^ZK @AOP= qHPEI= OA EJE?E= ?KI = OQ= LQ>HE?=^ZKAI¼ÄÂÁI=OBKE
LQ>HE?=@= AI RKHQIAO LAHK =QPKN =P` ¼ÄÃ¿ I ½»¼Â QI MQ=NPK A JKRK RKHQIA BKE LQ>HE?=@K QPEHEV=J@K
I=JQO?NEPKO @A KQ?=QHP O RKHQIAO @KEO A PNaO @= EOPjNE= @= ATQ=HE@=@A OZK?KJOE@AN=@KO?KJPdCQKOW
AOO=qHPEI=AP=L==CAJA=HKCE=

Ä½
SHODV PDUJHQV ([SORUDVH R GLVFXUVR D FRQVWUXomR GD SDODYUD DV RUGHQV RX FRQGHQDo}HV
VREUHRVFRUSRV±LQGLYLGXDLVRXVRFLDLV
1R PRPHQWR HP TXH D ORXFXUD p GHILQLGD HQTXDQWR REMHWR GD PHGLFLQD DV OXWDV SHOR
SRGHU VH GHVHQURODP QDV PDUJHQV GR FDPSR PpGLFR H WHP SRU REMHWLYR R UHFRQKHFLPHQWR
RILFLDO GH XPD FRPSHWrQFLD HVSHFLILFDPHQWH WHUDSrXWLFD 8PD YH] TXH R FRUSR Mi HVWi
FRQVWLWXtGR DV WHQV}HV VH PDQLIHVWDP MXQWR DRV SRGHUHV HVSHFLDOL]DGRV HQTXDQWR D ORXFXUD
EXVFDQRYDVIRUPDVGHH[SUHVVmRHPHVSDoRVSURLELGRVHGHVOHJLWLPDGRV
&RQWLJXDPHQWH DV IXQGDPHQWDo}HV GH *HRUJHV &DQJXLOKHP GLVFXWHP D FRQWUDSHOR D
GLVWLQomR HQWUH QRUPDOLGDGH H QRUPDWLYLGDGH SUHVHQWH QD HVWUXWXUD DERUGDGD GXUDQWH RV

FDStWXORV DQWHULRUHV (QWUH 2 1RUPDO H R 3DWROyJLFR D IRUPDomR GH XPD FLrQFLD PpGLFD
VHSDUD GLFRWRPLFDPHQWH D DQRUPDOLGDGH $SUR[LPHPRV HVWD GDTXHOD QRUPD IXQFLRQDOLVWD H
WHUHPRV XP GRV VXEVWUDWRV FHQWUDLV j FDUDFWHUL]DomR GD ORXFXUD HQTXDQWR IRUPDOL]DomRGHXP
HVTXHFLPHQWR DVVLVWLGR H HVWUXWXUDGR )D]VH XPD LPSRUWDQWH UHIHUrQFLDSDUD0LFKHO)RXFDXOW
DWUDYpVGDGLPHQVmRHQWUHDQRUPDOLGDGHHDGRHQoDHP&DQJXLOKHP
2 PRYLPHQWR SUHVHQWH QHVWH FDStWXOR SRUWDQWR VHUi FRPSUHHQGHU D IRUPDomR GH XPD
ORXFXUD HP 0LFKHO )RXFDXOW DVVLP FRPR D VXD FRQILJXUDomR SROtWLFD 3DUD WDO p QHFHVViULR
FRPSUHHQGHU D VXD UHODomR FRP &DQJXLOKHP D FRQFHLWXDOL]DomR FHQWUDO GHVVD WHPiWLFD VXD
IXQGDomR DUTXHROyJLFD H GLVFXUVLYLGDGH SROtWLFD ± DPDUUDGRV SHORV H[HPSORV H GLVFXVV}HV
WUD]LGRV SHOD DQRUPDOLGDGH H SHOD GRHQoD )RXFDXOW SRVVXL DFHQWXDGD LQVHUomR QDV SHVTXLVDV
FRQWHPSRUkQHDV SURSLFLDQGR ODUJD LQYHVWLJDomR H UHIHUrQFLD QR HVWXGR VREUH D ORXFXUD HP
YDULDGDV iUHDV GR FRQKHFLPHQWR &RPR IRUPD GH DSUR[LPDomR H GLIHUHQFLDomR EXVFDPRV
DSUR[LPiOR DR HL[R SUHVHQWH QHVWD GLVVHUWDomR SHOD UHODomR HQWUH QRUPD H ORXFXUD FRPRILR
FRQGXWRUGDQDUUDWLYD

; (QWUHDQRUPDOLGDGHHDSDWRORJLD
¼ÂÃ
>N=?HXOOE?=@A AKNCAO=JCQEHDAIAH=BKEJ=RAN@=@AQI=NAA@E^ZK@AOQ=PAOA@ABAJ@E@=AI¼Ä¿¾
OK>KPdPQHK¯OO=EOQNMQAHMQAOLNK>H_IAO?KJ?ANJ=JPHAJKNI=HAPHAL=PDKHKCEMQA¯=KMQALK@AIKO
PN=@QVENEJKBE?E=HIAJPAL=N=¯JO=EKOK>NA=HCQJOLNK>HAI=ONAH=?EKJ=@KO=KJKNI=HA=KL=PKHjCE?K¯
PN=RÒ@KPATPKKNECEJ=H=KMQ=HE?DAH KQ?=QHPPARA=?AOOK`LKOOdRAHNAH=?EKJ=NIKOKO@KEO=QPKNAO
=PN=RÒ@=OQ=>=OAALEOPAIKHjCE?= OOKHAR=AI?KJOE@AN=^ZKMQA=NAA@E^ZK?KIKJKIA=PQ=HIAJPA
?KJDA?E@KBKELQ>HE?=@=AI¼ÄÁÁ?EJ?K=JKO=LjO=LNEIAEN=LQ>HE?=^ZK@A EOPjNE=@=KQ?QN=AFX
@QN=JPA=B=OA=NMQAKHjCE?=BKQ?=QHPE=J=

Ä¾

1 2 'LiULR GR +RVStFLR DV SiJLQDV GD REUD GH /LPD %DUUHWR FRQWpP VHXV
DSRQWDPHQWRV VREUH D H[SHULrQFLD YLYLGD QR +RVStFLR 1DFLRQDO GRV $OLHQDGRV HP $
DWXDOLGDGH GHVVDV OLQKDV ID]HPQR HQWUH XP HWQyJUDIR H XP DXWRELyJUDIR +i D PDUFD GR
WHPSR GR PRPHQWR H GR DJRUD $ FODUH]D GH VXD SURVD QRV OHYD GHVGH jV UD]}HV GH VHX
LVRODPHQWR j SHUFHSomR VREUH DTXHOHV TXH R FHUFDP 7HQGR VLGR LQGLFLDGR SRU DOFRROLVPR H
LQYHVWLJDGR SHOD SROtFLD DQWHV GH VHU LQWHUQDGR QR KRVStFLR VXD SULPHLUD UHYROWD p FRP D
UHSUHVHQWDomR GR FHUFHDPHQWR QRUPDWLYR H QRUPDOL]DQWH GH VL $ LQWURPLVVmR GD SROtFLD HP
VXD YLGD H RV VLQDLV LQWHUPLWHQWHV GH ORXFXUD R WUDQVIRUPDP HP DOJR D PHLR WHUPR HQWUH
PDUJLQDO H GRHQWH $ IRUPD REMHWLYD FRPR VH UHIHUH DR VHX DOFRROLVPR H j VXD ORXFXUD p
VLPLODU D FRPR DQDOLVD RV FRPSRUWDPHQWRV DR VHX UHGRU SRU YH]HV FULWLFDPHQWH SRU RXWUDV
FRP HVFiUQLR (OH HVWDEHOHFH FDXVD H HIHLWR HQWUH D VXD EHEHGHLUD H D DQJ~VWLD TXH R DIOLJH
HQTXDQWRDOXGHjVFRQGXWDVGHSROLFLDLVHPpGLFRVVREUHRWUDWRGRVGHPHQWHV
*HRUJHV &DQJXLOKHP SURPRYHX XPD VLQJXODU FRQVWUXomR HSLVWHPROyJLFD HQWUH DV
FLrQFLDV ELROyJLFDV H DV FLrQFLDV KXPDQDV QR VpFXOR ;; 3DUD &DQJXLOKHP Ki XP OLPLDU QDV
GLFRWRPLDV TXH IRUPDP XPD VRFLHGDGH IXQGDPHQWDGD QD UD]mR ( XP JUXSR HP SDUWLFXODU
GHWHUPLQD D GLVWLQomR VREUH DV GLFRWRPLDV GD YLGD H GD VRFLHGDGHFRPRQRUPDOHSDWROyJLFR
RUGHP H GHVRUGHP 'XUDQWHRVpFXOR;,;DDXWRULGDGHGHPpGLFRVHELyORJRVIRLUHVSRQViYHO
SHOD RILFLDOL]DomR FLHQWtILFD GH XP GRJPD HQWUH VD~GH H GRHQoD (VVH UHODomR IRUPDOL]RX D
DVVRFLDomR HQWUH IHQ{PHQRV TXH SRGHULDP VHU YLVWRV HP VHSDUDGR PDV IRUDP SRVWRV HP

RSRVLomR GXUDQWH D H[SHULrQFLD KXPDQD 'HWUiV D HVVH HVIRUoR SHOD LQVWLWXLomR PpGLFD H
ELROyJLFDKiDIXQGDPHQWDomRGRORXFRSHODUD]mRGDVRFLHGDGHPRGHUQD2VHXSURJUHVVLVPR
IRUPDOL]D D PHGLFLQD H DR ID]rOR SRVLFLRQD ORXFRV H GRHQWHV D SDUWLU GH FRQFHSo}HV GH
QRUPDOLGDGHHQRUPDWLYLGDGH
2 HVWDGR GD VD~GH H R HVWDGR GD GRHQoD VmR IUXWRV GD SRODULGDGH VREUH D YLGD DSDUWLU
GD QRUPDWLYLGDGH([LVWHXPDSDWRORJLDELROyJLFDTXHGLIHUHQFLDDVD~GHGDGRHQoDID]HQGRR

UHVWDEHOHFLPHQWR GR SDFLHQWH GHVHMiYHO SRU DPERVSHODWHUDSrXWLFDHSHORSUySULRSDFLHQWH
¼ÂÄ
AKNCAOJKNI=HAKL=PKHjCE?KÁ=A@EK@A =JAENK@EPKN= KNAJOAJERANOEPXNE=
½»»Ä¢¼ÄÁÁ£L¼¿
¼Ã»
X QI MQAOPEKJ=IAJPK ?=JCQEHDAIA=JK =?AN?= @= KNECEJ=HE@=@A @= JKNI= MQA @AHKJC=KJKOOK?QNOK
I=O @X OAJPE@K W =PQ=H @EOOANP=^ZK ¯( ?ANPK MQA AI IA@E?EJ= K AOP=@K JKNI=H @K ?KNLK DQI=JK ` K
AOP=@K MQA OA @AOAF= NAOP=>AHA?AN =O OANX MQA OA @ARA ?KJOE@ANXHK JKNI=H LKNMQA `REO=@K?KIKBEI=

Ä¿
$ QRUPDWLYLGDGH p XPD IHUUDPHQWD GD UHDOLGDGH KXPDQD TXH WUDQVIRUPD XP YDORU HP
FRQGLomR QHFHVViULD $ QRUPDOLGDGH GD VD~GH p LQVWLWXtGD SULPRUGLDOPHQWH SHOD IRUPDomR
KXPDQD SDUD GHSRLV VHU LQFRUSRUDGD SHORVDEHUPpGLFRHFRQWUDSRVWDDVLQWRPDHGRHQoD(OD
H[LVWH DQWHV PHVPR GD LQVWLWXLomR PpGLFD H QRV GL]HUHV GH &DQJXLOKHP Q 2 1RUPDO H R
3DWROyJLFR 3DUD R PpGLFR D YLGD QmR p XPREMHWRpXPDDWLYLGDGHSRODUL]DGDFXMRHVIRUoR
HVSRQWkQHR GH GHIHVD H GH OXWD FRQWUD WXGR TXH p YDORU QHJDWLYR p SURORQJDGR SHOD PHGLFLQD

TXHOKHWUD]RHVFODUHFLPHQWRGDFLrQFLDKXPDQDUHODWLYRPDVLQGLVSHQViYHO
(P 7DOFRWW 3DUVRQV VRFLyORJR FHQWUDO QR SULPHLUR FDStWXOR GHVWD GLVVHUWDomR D
QRUPDWLYLGDGH H D PHGLFLQD SHUWHQFHP GLVWLQWDPHQWH DR VLVWHPD PDV VmR LQGLVFXWLYHOPHQWH
tQWHJUDV D HOH 1mR Ki TXHVWLRQDPHQWR GD QRUPDWLYLGDGH SRLV QmR Ki R PHVPR SHUFXUVR GH
FUtWLFD HSLVWHPROyJLFD RX VHTXHU p XP SULQFtSLR DR DXWRU WHU $ QRUPD DWUDYHVVD R VLVWHPD
VRFLDO H IRUQHFH DV IRUPDV GH RUJDQL]DomR H LQWHJUDomR VLVWrPLFD HQWUH WRGDV DV VXDV SDUWHV
1HVVH FRQWH[WR D DQRPDOLD RX DQRUPDOLGDGH QmR VmR UHIOH[mRGHXPDIRUPDomRDUTXHROyJLFD
GDLQVWLWXLomRVmRIRUPDVUtJLGDVHPXPPXQGRLQWHLUDPHQWHDEVWUDWR
2 TXHVWLRQDPHQWR DFHUFD GR OLPLDU GD SHUPDQrQFLD LQF{PRGD GD DQRUPDOLGDGH GD
SUySULD GHILQLomR HQWUH VD~GH H GRHQoD TXH SHUVLVWH HP&DQJXLOKHPSURYrOX]VREUHDSUySULD
OHLWXUD GH /LPD %DUUHWR 2 ROKDU FUtWLFR GR DXWRU VREUH D UHJXODomR GH VHX FRUSR QmR p
GLVVRFLDGD GD FRPSUHHQVmR VREUH D VXD GRHQoD $ QRUPDWLYLGDGH DMXGD D IRUPDU DPERV R
FRQWUROH SROLFLDOHVFR H R WtWXOR GH GRHQWH PDV D RSLQLmR VREUHHVVDVGXDVQRUPDWLYLGDGHVQmR
p D PHVPD +i D VHPkQWLFD GDDQRUPDOLGDGHSDWROyJLFDHPUHODomRjVD~GHPDVWDPEpPKiD
SHUVSHFWLYD VREUH D QRUPDWLYLGDGH TXH R HQFDPLQKDDRFRQWUROHLQVWLWXFLRQDO1HVWHkPELWRD
ORXFXUD QmR p TXHVWLRQDGD PDV R FRQWUROH GR FRUSR p $ ORXFXUD p DOJR DVVXVWDGRUDPHQWH
GHVFRQKHFLGD Mi D LQVWLWXLomR SROLFLDOHVFD p FRPSUHHQGLGD HP VHX IRUPDWR H SXQLomR $
QRUPDWLYLGDGH HP &DQJXLOKHP LQRYD R GHEDWH SUHVHQWH DR LQLFLDU D UHIOH[mR HSLVWHPROyJLFD
OAN =PEJCE@K LAH= PAN=LaQPE?= KQ LAHK ?KJPNXNEK OANX MQA = PAN=LaQPE?= K REO= FQOP=IAJPA LKNMQA AHA `
?KJOE@AN=@K ?KIK JKNI=H LAHK EJPANAOO=@K EOPK ` LAHK @KAJPA BENI=IKO MQA = OACQJ@= NAH=^ZK ` =
RAN@=@AEN= ?D=IKO MQA = IA@E?EJ= ATEOPA ?KIK =NPA @= RE@= LKNMQA K RERAJPA DQI=JK ?KJOE@AN= AHA
LNjLNEK ?KIK L=PKHjCE?KO A @ARAJ@K LKNP=JPK OAN AREP=@KO KQ ?KNNECE@KO ?ANPKO AOP=@KO KQ
?KILKNP=IAJPKO MQA AI NAH=^ZK W LKH=NE@=@A @EJYIE?= @= RE@= OZK =LNAAJ@E@KO OK> =BKNI=@AR=HKNAO
JAC=PERKO¯ =JCQEHDAI MQAOPEKJ= MQ=H =JPA?A@A K KQPNK K @AOAFK @KL=?EAJPAOANAOP=>AHA?ANKQK@AOAFK
@= PAN=LaQPE?= AI NAOP=>AHA?AN K L=?EAJPA = QI AOP=@K JKNI=H AKNCAO L EP ½»»Ä
¢¼ÄÁÁ£L¿»
¼Ã¼
AKNCAOLEP½»»Ä¢¼ÄÁÁ£L¿»

ÄÀ
FRPXP HQWUH DPERV KRVStFLR H FiUFHUH SRU PDLVTXHDH[SHULrQFLDKXPDQDRVGLIHUHQFLHH

GHOLPLWH

$ UHODomR HQWUH VD~GH H GRHQoD WDPEpP HVWi QXDQoDGD HP (UYLQJ *RIIPDQ $
QRUPDWLYLGDGH UHDILUPDGD DWUDYpV GR HVWLJPD H D DVVRFLDomR GD ORXFXUD D XP DSDUHOKR
LQVWLWXFLRQDO SURPRYHP XPD UHODomR FUtWLFD j PHGLFLQD 1RYDPHQWH D EDVH HSLVWHPROyJLFD
JRIIPDQLDQD p GLVWLQWD GDTXHOD XWLOL]DGD SRU SHQVDGRUHV FRPR *HRUJHV &DQJXLOKHPH0LFKHO
)RXFDXOW 'LVFXWHVH D PHGLFLQD H DQDOLVD RV HIHLWRV GR FRQWUROH H GD VXMHLomR GRV ORXFRV
HQTXDQWR p TXHVWLRQDGD D SUySULD LQVWLWXLomR 0DV D PHGLFLQD QmR p SRVWD HP WUDMHWyULD
FURQROyJLFD ULTXH]D GD OHLWXUD KLVWyULFR ILORVyILFD TXH SHQVD D VD~GH VLPXOWDQHDPHQWH j
RULJHP GD GRHQoD $ OHLWXUD VRFLROyJLFD GH JRIIPDQ YLVD XP UHFRUWH H DVSHFWRV EDVWDQWH
SDUWLFXODUHVDRFDPSRFRPXPDORXFXUDRQGHRLQGLYtGXRSRGHVHUQRWDGRHDUWLFXODGR(VVDp
XPDGDVUD]}HVSHODVTXDLVDUHODomRHQWUHLQWHJUDomRHDGDSWDomRVHIH]WmRGHPDUFDGD
(P &DQJXLOKHP H )RXFDXOW D DQRPDOLD GD ORXFXUD p WUDQVIRUPDGD HP GRHQoD FRP
LQIOH[mR KLVWyULFD 2 GHVDILR VH ID] HP SDXWDU RQGH D WUDQVLomR DFRQWHFHHTXDODHQJUHQDJHP
PRYHDVFRUWLQDVSRUWUiVGDFR[LDSDUDUHYHODUDVGLYHUVDVIRUPDVGDORXFXUD
1mR H[LVWH IDWRTXHVHMDQRUPDORXSDWROyJLFRHPVL$DQRPDOLDHDPXWDomRQmRVmR
HP VL PHVPDV SDWROyJLFDV (ODV H[SULPHP RXWUDV QRUPDV GHYLGDSRVVtYHLV6HHVVDV
QRUPDV IRUHP LQIHULRUHV jV QRUPDV DQWHULRUHV VHUmR FKDPDGDV SDWROyJLFDV 6H
HYHQWXDOPHQWH VH UHYHODUHP HTXLYDOHQWHV ± QR PHVPR PHLR ± RX VXSHULRUHV ± HP
RXWUR PHLR ± VHUmR FKDPDGDV QRUPDLV6XDQRUPDOLGDGHDGYLUiGHVXDQRUPDWLYLGDGH
2 3DWROyJLFR QmR p D DXVrQFLD GH QRUPD ELROyJLFD PDV FRPSDUDWLYDPHQWH UHSHOLGD

SHODYLGD
1HVVH DUUDQMR R HQFRQWUR GH *HRUJHV &DQJXLOKHPFRP0LFKHO)RXFDXOWpIUXWtIHUR$
FRQIOXrQFLD HQWUH GRXWULQD HSLVWHPROyJLFD FRP D +LVWyULD HP ORQJD GXUDomR SURSRUFLRQD D
¼Ã½
JPDKJU E@@AJO PAJPKQ =PN=RÒ @A OQ= K>N= ?KJOPEPQE^ZK @= OK?EA@=@A LNKIKRAN QI= =OOK?E=^ZK
AJPNA NREJC KBBI=J A E?DAH KQ?=QHP AI ¼ÄÃ¿ N=>=HD=J@K ?KI @Q=HE@=@AO K =QPKN LNKLkO QI=
EJPANB=?A @A =LNKTEI=^ZK AJPNA PAKNE=O @A ?QJDK ALEOPAIKHjCE?K @EOPEJPK I= @=O @E?KPKIE=O AI
AJ?KJPNK LKN E@@AJO ` =MQAH= NAH=?EKJ=@= W ?KJBEJ=IAJPK A ATLKOE^ZK =K ?H=QOPNK A W @ERQHC=^ZK
ARAN=IAJPA ?NEPE?=@K = LNEJ?EL=H KLKOE^ZK W P=H LANOLA?PER= BKE FQOP=IAJPA LAH= @AO?KJOE@AN=^ZK @=
J=PQNAV= ALEOPAIKHjCE?= @A PAKNE=O PZK @EOPEJP=O ?KIK =O @A =NOKJO KBBI=JA KQ?=QHP=HIAF=J@KQI=
NAH=^ZK MQA ECJKN= KOOQ>OPN=PKO@AJ=PQNAV=PAjNE?=@AOOAO=QPKNAOLKNQI=IAN=NAH=^ZK?KJ?AEPQ=HZK
=?NA@EPK MQA = ?NdPE?= = E@@AJO AOPAF= ?KNNAP= J= LK@= = QI= LANOLA?PER= @EOPEJP= OKIAJPA LAHK REÒ
PAjNE?K OK?EKHjCE?K OEPQ=^ZK@AOO=OK>N=OAI¼ÄÃ¿`@EOPEJP=@=MQAH=REOP=DKFALAH=LNjLNE=OK?EKCN=BE=
?KIK LAH= AOPNQPQN=^ZK @= JKNI=HE@=@A AI@E=O=PQ=EOKJ@AK?KJOQIK@AIA@E?=IAJPKOO=E@KDKOLd?EK
A =@AJPN= K PK@K OK?E=H JPDKJU DA KJOPEPQPEKJ KB K?EAPU QPHEJA KB PDA DAKNU KB
PNQ?PQN=PEKJ=I>NE@CAKHEPUNAOO¼ÄÃÁ
¼Ã¾
AKNCAOLEP½»»Ä¢¼ÄÁÁ£L¿Á

ÄÁ
LQYHVWLJDomR DSURIXQGDGD GH XPD ORXFXUD FXMDV UDt]HV YmR DOpP GD VRFLHGDGH PRGHUQD 2
HVWXGR DQWHULRU GRV VRFLyORJRV QRUWHDPHULFDQRVSURYrXPDUHODomRHQWUHXPDLQFOXVmRHDomR
VREUH R ORXFR HP VLVWHPDV GH GLVWLQWDV FRPSOH[LGDGHV H WDPDQKRV R TXH IDFLOLWD D UHODomR
WHyULFD HQWUH DPERV $ LQRYDomR GHYH VHU IHLWD HP RXWUR VHQWLGR QD FUtWLFD j SUySULD
QRUPDWLYLGDGH QD KLVWyULD GD 9LGD VHJXLQGR R YRFDEXOiULR GH &DQJXLOKHP 'HVVD IRUPD p
IHLWD XPD KLVWyULD QmR GD SVLTXLDWULD PDV GD ORXFXUD HP VL $Wp R SRQWR RQGH HOD HQFRQWUDU
FRPDVVLGXLGDGHDQRUPDWLYLGDGH
$ SDVVDJHP DQWHULRU p YHUGDGHLUD QD FRQVWUXomR KLVWyULFD H QR SURFHVVR GH
LQYHVWLJDomR VREUH R FDPSR GH VDEHU PpGLFR GH 0LFKHO )RXFDXOW +i WUDQVLo}HV QD UHODomR
FRP D ORXFXUD DR ORQJR GR GHVHQYROYLPHQWR GD VRFLHGDGH HXURSHLD HQWUH R 5HQDVFLPHQWR D
(UD &OiVVLFD H D FRQWHPSRUDQHLGDGH 'XUDQWH R 5HQDVFLPHQWR (XURSHX SURFHVVR TXH
SHUPHLD RV VpFXORV ;,9 D ;9, D YLVmR VREUH R ORXFR p VLWXDGD HQWUH R GHVFRQKHFLGR H R
ViELR 2 ORXFR p DTXHOH TXH KDELWD DV UHJL}HV HUPDV RQGH RV VmRV QmR RXVDP WULOKDU (OHV
WDPEpP VmR RV ViELRV HP FRQWDWR FRP RXWUDV PRWLYDo}HV H LQWHUHVVHV GLVWDQWHV GD Ym
ILORVRILD PXQGDQD 2V ORXFRV QmR SHUWHQFHP RX FRQYLYHP FRP R XUEDQR RX R DJUiULR GD
VRFLHGDGH PRGHUQD PDV VHUYHP GH LQVSLUDomR H IDVFtQLR SDUD DUWLVWDV HVFULWRUHV H GHPDLV
UHQDVFHQWLVWDV
(VWD p D LPDJHP SUHVHQWH Q¶2 (ORJLR GD /RXFXUD GH (UDVPR 'HVLGpULR GH 5RWHUGmR
RQGHVDWLULFDPHQWHD/RXFXUDDSUHVHQWDDVLPHVPDHQTXDQWRFULWLFDDVPiVSUiWLFDVGRPXQGR
GRV KRPHQV e D LQJHQXLGDGH H VDEHGRULD GD /RXFXUD TXH KDELWD QDV FULDQoDV H JDUDQWH
MRYLDOLGDGHDRVLGRVRVXPDPHWiIRUDSDUDDYLGDVHPDPDUUDVHSRUWDQWRIHOL]
4XH VHULD HVWD YLGDVHpTXHGHYLGDPHUHFHRQRPHVHPRVSUD]HUHVGDYRO~SLD"2K
2K 9yV PHDSODXGHV"-iYHMRTXHQmRKiDTXLQHQKXPLQVHQVDWRTXHQmRSRVVXDHVVH
VHQWLPHQWR 6RLV WRGRV PXLWR ViELRV XPD YH]TXHDPHXYHUORXFXUDpRPHVPRTXH
VDEHGRULD

$ ORXFXUD p LQRFHQWH H DYHVVD DRV RSRUWXQLVPRVHjPDOGDGH2VSRXFRVH[HPSORVYLV

GD DQWLJXLGDGH WUDoDGRV SRU (UDVPR FRPR %UXWXV H &DVVLXV FRQVSLUDGRUHV FRQWUD -XOLXV

&DHVDU XWLOL]DP QmR GH VDEHGRULD RX GH ORXFXUD PDV GH HVWXSLGH] 6HJXQGR )RXFDXOW QD
,GDGH 0pGLD D ORXFXUD KDELWD YDULDGRV DVSHFWRV QRV FRUDo}HV GRV KRPHQV GD ORXFXUD GR
¼Ã¿
!N=OIK@AHKCEK@=KQ?QN=ZK=QHKxK?GAP½»»¾¢¼À»Ä£LÄ
¼ÃÀ
@AIL¼Ã

ÄÂ
GHVHMR j ORXFXUD GD UDLYD H GR SHFDGR DWUDYHVVDQGR D ORXFXUD GD EHVWLDOLGDGH YLQGD GDV
IiEXODV +i D ORXFXUDVRPEULDGDWHQWDomRTXHSRGHRXQmRQDVFHUGRVPRPHQWRVGHSULYDomR
HSHQLWrQFLD3DUDRDXWRU
1R SyOR RSRVWR D HVWD QDWXUH]D GH WUHYDV D ORXFXUD IDVFLQD SRUTXH p XP VDEHU Ç
VDEHU GH LQtFLR SRUTXH WRGDV HVVDV ILJXUDV DEVXUGDV VmR QD UHDOLGDGH HOHPHQWRV GH
XP VDEHU GLItFLO IHFKDGR HVRWpULFR (QTXDQWR R KRPHP UDFLRQDO H ViELR Vy
SHUFHEH GHVVH VDEHU DOJXPDV ILJXUDV IUDJPHQWiULDV ² H SRU LVVR PHVPR PDLV
LQTXLHWDQWHV ² R /RXFR R FDUUHJD LQWHLUR HP XPDHVIHUDLQWDFWDHVVDERODGHFULVWDO

TXHSDUDWRGRVHVWiYD]LDDVHXVROKRVHVWiFKHLDGHXPVDEHULQYLVtYHO
(VVD p D ORXFXUD UHFRUUHQWH WDQWR QR WH[WR VDWtULFR 2 (ORJLRGD/RXFXUDGH(UDVPRGH

5RWHUGmRFRPRQDQDUUDWLYDVREUHD6WXOWLIHUD1DYLVD1DXGRV/RXFRVFRQWDGDQ $+LVWyULD
GD /RXFXUD SRU )RXFDXOW 3RU VHU ORXFR R VHX FRQKHFLPHQWR YrP SRVVLYHOPHQWH GH IRQWHV
SURIDQDV GR LPDJLQiULR FXOWXUDO GD VRFLHGDGH PHGLHYDOHVFD H UHQDVFHQWLVWD 3RU YLU GD
SURIDQLGDGH H VHUHP PDLV SURSHQVRV jV WUHYDV VHX GHVWLQR GHYH VHU R H[tOLR PHVPR TXH
ViELRV
$ DQiOLVH GD 1DX GRV /RXFRV GH +LHURQ\PXV%RVFK pFRPSOHPHQWDUSRU
VLPEROL]DU WDQWR D SDVVDJHP GHVVHV LQGLYtGXRV D RXWUR PXQGR FRPR D SUySULD YLDJHP
UHDOL]DGD SHORV ORXFRV $ UHSUHVHQWDomR GH %RVFK p VLQDO GH XPD WUDQVLomR QD SRVLomR VRFLDO
GD ORXFXUD 3RLV R UHFRQKHFLPHQWR UHQDVFHQWLVWD GR ORXFR WDPEpP p SURYRFDWLYR SDUD D

VRFLHGDGH PRGHUQD SRU HYRFDU D LQTXLHWXGH GD ORXFXUD HP PHLR DRV KRPHQV (VVD
LQTXLHWXGH pPRWLYDGRUDGHXPTXHVWLRQDPHQWRTXHWUDQVIHUHRSDSHOHRHVSDoRGRORXFRSDUD
OXJDUHVRQGHDUDFLRQDOLGDGHFRQWURODDPRUDOLGDGH

3RU XP ODGR HOD p UHSUHVHQWDGD HP WHDWURV H SHoDV e D ³H[SHULrQFLDGRLQVHQVDWR´
FRPR DILUPD )RXFDXOW e D GDQoD GRV ORXFRV UHWUDWDGD QR (ORJLR GD /RXFXUDGH(UDVPR6mR
RV FRUSRV LPHUVRV HP VL PHVPRV H DOKHLRV DR QDYHJDU VHJXQGR D UHWUDWDomR GH %RVFK 8P
UHWUDWR IDVFLQDQWH GD H[SHULrQFLD GRV ORXFRV PDVTXHpFRQWLQXDPHQWHHVYD]LDGDGDVDSLrQFLD
RX VREULHGDGH 3RU RXWUR HOD DVVXPH D SRVLomR GD SHVWH QHJUD GD OHSUD GD PRUWH 1mR
VRPHQWHFRPRDOJRVRPEULRPDVSHORYD]LRGDH[LVWrQFLD
¼ÃÁ
E?DAH EOPjNE= @= KQ?QN= J= @=@AHXOOE?=ZK=QHK@EPKN=ANOLA?PER=¼ÄÂÃ¢¼ÄÁ¼£
L½Á
¼ÃÂ
E@AIL¼Ã
¼ÃÃ
E@AIL½½

ÄÃ
( HQTXDQWR RXWURUD D ORXFXUD GRV KRPHQV FRQVLVWLD HP YHU DSHQDV TXH R WHUPR GD
PRUWH VH DSUR[LPDYD HQTXDQWR HUDQHFHVViULRWUD]rORVGHYROWDjFRQVFLrQFLDDWUDYpV
GR HVSHWiFXOR GD PRUWH DJRUD D VDEHGRULD FRQVLVWLUi HPGHQXQFLDUDORXFXUDSRUWRGD
SDUWH HP HQVLQDU DRV KRPHQV TXH HOHV QmR VmR PDLV TXH PRUWRV H TXH VH R ILPHVWi
SUy[LPR p QD PHGLGD HP TXH ORXFXUD XQLYHUVDOL]DGD IRUPDUi XPD Vy H PHVPD

HQWLGDGHFRPDSUySULDPRUWH
(P DPERV RV FHQiULRV UHWUDWDGRV Ki R LQtFLR GD FRQWHQomR H D FRQGHQDomR GR LQ~WLO
2 PXQGR RQGH R ORXFR p UHWUDWDGR H FXMD ORXFXUD SRGHUi WRPiOR SRU LQWHLUR DQXQFLDQGR D
LPLQrQFLD GD FDWiVWURIH $ WLSRORJLD GR ORXFR QD REUD GH )RXFDXOW DEUDQJH XPD DPSOD
FDWHJRUL]DomRVRFLDOGRHVWUDQKRHGRDQRUPDO2OHSURVRRSREUHRYDJDEXQGRDGHYDVVDHR
DOFRyODWUD WHP VHXV HVSDoRV WRPDGRVSRUXPDILJXUDPDLVDPSODDGRORXFR1HVVHPRPHQWR
R FRQILQDPHQWR GRV ORXFRV p QD VXD UHDOLGDGH R H[tOLR e FRPR VH PDQLIHVWD D SXQLomR GRV
YDGLRV ± R GHJUHGR 1mR Ki XPD SUHRFXSDomR FRP D GRHQoDGHVGHTXHHVVDGRHQoDFRPRD
OHSUD ±QmRVHHVSDOKHHQWUHRVVmRV3RUWDQWRDSUHRFXSDomRpIHLWDVREUHDPRUWHGRVRFLDOGH
XPDDQRUPDOLGDGHSHUFHELGDSRUpPHVWUDQKDPHQWHGHVFRQKHFLGD
1DV SULPHLUDV OLQKDV GHVWD GLVVHUWDomR RXWUD PHWiIRUD VLPLODU j GH %RVFK IRL WUD]LGD
SUHVHQWH QR FRQWR 6RU{FR VXD PmH VXD ILOKD GH -RmR *XLPDUmHV 5RVD $ YLDJHP GDTXHOHV
ORXFRV QmR p XPD GH GHVFREULPHQWR DLQGD p GH PRUWH e R IDOHFLPHQWR GD SHUVRQDOLGDGH
FRQKHFLGD QD WUDQVSRVLomR SDUD R DVLOR D PRUWH VRFLDO H[HPSOLILFDGD SHOD YLDJHP (VVD
PHWiIRUD p UHSUHVHQWDWLYD GH XPD ORQJD WUDQVLomR QR PRGR GH WUDWDU HQWUH D VRFLHGDGH
UHQDVFHQWLVWDHDQRVVD
$ ORXFXUD QR SHUtRGR FOiVVLFR IRXFDXOWLDQR GHL[D SURJUHVVLYDPHQWH GH VLJQLILFDU XP
RXWUR PXQGR HP VHX VHQWLGR ItVLFR WRUQDQGRVH XPD PDQLIHVWDomR GR QDGD GD LQH[LVWrQFLD
XP RXWUR PXQGR LQWHUQDOL]DGR (VVD FDWHJRUL]DomR D WUD] DR SDOFR UHGX]LGD H GHGX]LGD 1R
FDPLQKR DWp R HQFDUFHUDPHQWR Ki XP ORQJR SURFHVVR SDUD UHFRQVWUXtOD DSDUWLUGRYD]LRTXH
HOD VH WRUQRX DSyV DVVXPLU RV RXWURV DVSHFWRV 2YD]LROHYDDORXFXUDDROLPLDUHQWUHRVHUHR
QmR VHU 2 GHVSUHQGLPHQWR GD UHDOLGDGH D DXVrQFLD GH DILUPDomR D DSDUrQFLD TXH HVFRQGH D
FRQIXVmR H R GHVDWLQR SDUWHV GHVVH WRGR TXH p R QDGD $OJR LQFULYHOPHQWH QHJDWLYR p D
ORXFXUD )RXFDXOW DILUPDULD ³2 VpFXOR ;9,,, SHUFHEH R ORXFR PDV GHGX] D ORXFXUD ( QR
¼ÃÄ
E@AIL½¼

ÄÄ
ORXFR R TXHHOHSHUFHEHQmRpDORXFXUDPDVDLQH[WULFiYHOSUHVHQoDGDUD]mRHGDQmRUD]mR´

1mR p VXUSUHHQGHQWH TXH D FODVVLILFDomR GD GRHQoD WHQKD VH DSHJDGR FRP WDQWD
SURSULHGDGH $ FDWHJRUL]DomR GDORXFXUDHVWiLQWLPDPHQWHUHODFLRQDGDDRGHVHQYROYLPHQWRGD
SUySULD UDFLRQDOLGDGH $OKHLD j RUGHP OyJLFD H DWULEXtGD FRPR YD]LR D HOD VmR DWULEXtGDV
PDQLIHVWDo}HV H GLDJQyVWLFRV D SDUWLU GR SHQVDPHQWR PpGLFR GR ;9,,, 1R UHLQR GD DQiOLVH
FDEH D ORXFXUD VRPHQWH VHU DQDOLVDGD HPHQVXUDGDSRUXPFRQMXQWRGHLQVWUXPHQWRVHVDEHUHV

IRUD GHOD PHVPD $ FRQWLQXLGDGH GH )RXFDXOW HP UHODomR D &DQJXLOKHP p FRPSUHHQGLGD
SHOR HVWXGR GD PHGLFLQD HQTXDQWR XP VDEHU QRUPDWLYR H UHVWULWLYR VREUH RV FRUSRV 2 TXH p
FRQVWLWXtGR DWp R VpFXOR ;9,,, p XPD HVWUXWXUD SHUFHSWLYD VREUH R ORXFR QmR Ki DLQGD XP
VLVWHPD FRQFHLWXDO RX XP JUXSR GH VLQWRPDV GHILQLGRVTXDQGRRFRQILQDPHQWRVHWRUQDUHJUD

$ IRUPDomR GR DVLOR H R H[tOLR GR ORXFR DR FRQILQDPHQWR QmR p XPD UHVSRVWD GD
QRUPDWLYLGDGH SDUD R WUDWDPHQWR 3HOR PHQRV QmR p D SULQFtSLR 2 DVLOR PDQLIHVWD R HVSDoR

GRV QmR UDFLRQDLV R HVSDoR HP TXH R QDGD GHYH SHUPDQHFHU &RPSUHHQGHQGR SRUWDQWR R
PDQLF{PLR FRPR D UHSUHVHQWDomR GRXVRGRWHUPRDVLORFDEHDRHVSDoRPDQLFRPLDODQLTXLODU
R GHVDWLQR GR ORXFR WUDQVIRUPDU R YD]LR GR ORXFR HP H[FOXVmR VRFLDO /RQJHHVWiDPHWiIRUD
GD YLDJHP GHVVHV LQGLYtGXRV DR QRYR PXQGR D XP HVSDoR GH QHXWUDOLGDGH H SURIXQGR
GHVFRQKHFLPHQWR GHVFRQKHFLGRV FRPR HUDP $JRUD D UDFLRQDOLGDGH SDVVD D YrORV H RV
¼Ä»
E@AIL½»Â
¼Ä¼
QN=JPA K ?=LdPQHK EJPEPQH=@K N=JO?AJ@aJ?E= @K AHdNEK = PN=FAPjNE= @= OQFAE^ZK @= HKQ?QN= W
N=?EKJ=HE@=@A LK@A OAN ?KILNAAJ@E@= ?KIK QI LNK?AOOK @A HKJC= @QN=^ZK >N=Q@AHE=JK LAH= RE= @=
EOPjNE= @=O @AE=O =JPERAIKO AOOA AO?KLK BKN= @K PATPK ?KNNE@K @=LNAOAJPA@EOOANP=^ZKLAH=@ECNAOOZK
MQA AHA LNKLlA K@=RE= AHA LK@A OAN REOPK J= HKJC= L=OO=CAI = OACQEN JEJ@K = REOZK A = ?ACQAEN= =
EI=CAI A K FQdVK K B=JP=OI= A = HEJCQ=CAI K OKJK A = RECdHE= K @E= A = JKEPA = HKQ?QN= JK BQJ@K JZK `
J=@= LKEO HEC= JAHAO K MQA PaI @A JAC=PERK ¡ JATPNE?XRAH QJE@=@A @= KN@AI A @= @AOKN@AI @K OAN
N=?EKJ=H @=O ?KEO=O A @AOOA J=@= @= HKQ?QN= KEO = HKQ?QN= OA J=@= ` Oj LK@A I=JEBAOP=NOAO=EJ@K@AOE
IAOI= =L=NA?AJ@K J= KN@AI @= N=VZK PKNJ=J@KOA =OOEI K ?KJPNXNEK @A OEIAOI=OOEIOAAO?H=NA?AI
KO L=N=@KTKO @= ATLANEaJ?E= ?HXOOE?= = HKQ?QN= AOPX OAILNA =QOAJPA JQI APANJK NAPENK KJ@A AH= `
EJ=?AOOdRAH OAI BAJkIAJK JAI LKOEPERE@=@A JKAJP=JPKAH=AOPXLNAOAJPAALANBAEP=IAJPAREOdRAHOK>=O
AOL`?EAO OEJCQH=NAO @K DKIAI HKQ?K H= MQA ` @AOKN@AI EJOAJO=P= MQ=J@K AT=IEJ=@= NARAH= =LAJ=O
AOL`?EAO KN@AJ=@=O IA?=JEOIKO NECKNKOKO J= =HI= A JK ?KNLK HEJCQ=CAI=NPE?QH=@=OACQJ@KQI=HjCE?=
REOdRAH Q@K ` N=VZK J=MQEHK MQA = HKQ?QN= LK@A @EVAN OK>NA OE IAOI= AH= MQA ` JAC=^ZK @= N=VZK I
OQI= QI= =LNAAJOZK N=?EKJ=H @= HKQ?QN= ` OAILNA LKOOdRAH A JA?AOOXNE= J= AT=P= IA@E@= AI MQA AH= `
JZK N=VZK E?DAH EOPjNE= @= KQ?QN= J= @=@A HXOOE?= ZK =QHK @EPKN= ANOLA?PER=
¼ÄÂÃ¢¼ÄÁ¼£L½ÁÄ
¼Ä½
E@AIL½Ã»
¼Ä¾
E@AIL½ÂÁ

¼»»
UHFRQKHFH FRPR GLIHUHQWHV FXMD VXSUHVVmR DWHQGH DR SURSyVLWR GR HVTXHFLPHQWR
6LPXOWDQHDPHQWH R VDEHU GD ORXFXUD FOiVVLFD p ILQDOPHQWH DSDJDGR (OH Gi OXJDU D XPD
WUDMHWyULD HP FRQWtQXD HVSLUDO FDGD YH] PDLV SURIXQGD H FDGD YH] PDLV FDWHJyULFD VREUH R
VDEHU PpGLFR HVSHFLDOL]DGR SDUD D GHILQLomR GR OXJDU GR ORXFR (VVD p D VXSHUDomR GD
UDFLRQDOLGDGH QRUPDWLYD VREUH D ORXFXUD TXDQGR D ~OWLPD FDUWDGD GD UD]mR IRUPDOL]D D
GLVWLQomR HQWUH QRUPDLV H ORXFRV HQWUHJDQGR D UHVSRQVDELOLGDGH SDUD PpGLFRV HQTXDQWR
UHVSRQViYHLVSRUHVVDLQVWLWXLomR
1D SDVVDJHP GR VpFXOR ;9,,, DR VpFXOR ;,; D PHGLFLQD VH WRUQD REMHWLYD H YLVtYHO
&RP R DGYHQWR GR VpFXOR ;,; RFRUUH D VXSHUSRVLomR IHLWD SHOD GRHQoD HSHODORFDOL]DomRGR

FRUSR $ YLDJHP GRV FRUSRV YD]LRV GH VHQWLGR H UD]mR VmR GHVWLQDGRV DR DVLOR RQGH R
SHQVDPHQWR HRVVLQWRPDVVmRRUJDQL]DGRV1mRHVWDPRVVRPHQWHGLDORJDQGRFRPXPVLVWHPD
QRUPDWLYR FRQIRUPH D WHRULD YROXQWDULVWD SDUVRQLDQD 3RUTXH R SURFHVVR KLVWyULFR GD
IRUPDOL]DomR GHVVH VDEHU p FRQVHTXrQFLD GH XPD ORQJD WUDGLomR FRP FHUWDV WUDQVLo}HV QD

SDVVDJHPGRVVpFXORV

;, 'R1DGDj$QRUPDOLGDGH
1R SUHIiFLR GH $V 3DODYUDV H DV &RLVDV )RXFDXOW VH LQVSLUD QR FRQWR 2 LGLRPD
DQDOtWLFR GH -RKQ :LONLQV GH DXWRULD GH -RUJH /XLV%RUJHVSDUDIDODUGRLQF{PRGRORQJHGRV
SRQWRV REVHUYiYHLV 'DV VRFLHGDGHV FOiVVLFDV jV VRFLHGDGHV PRGHUQDVDH[LVWrQFLDGHOXJDUHV
GH QRUPDOLGDGH HVWi VXMHLWD j RFRUUrQFLD GH GLVVRQkQFLDV H UHYHUEHUDo}HV RXWUDV TXH
SURYRFDP UXtGRV $V KHWHURWRSLDVVmRUXSWXUDVQDRUGHPGDVFRLVDVFXMDH[LVWrQFLDSHUWXUEDD
UHJXODULGDGH GD XWRSLDHDFRQWLQXLGDGHGRVVRQKRVWUDoDGRV(QTXDQWRDXWRSLDUHSUHVHQWDXP
¼Ä¿
= ?KJ?AL^ZK BKQ?=QHPE=J= OK>NA = @KAJ^= @QN=JPA = OQ= B=OA =NMQAKHjCE?= ATAILHEBE?=@= J
=O?EIAJPK @= HdJE?= @A ¼ÄÁ¾ AH= ` @QN=JPA K O`?QHK OACQJ@K = ?HdJE?= = RAN@=@A EIA@E=P= @K
OEJPKI= @KAJ^= @ARA OAN ?KJOE@AN=@= ?KIK QI PK@K EJ@EREOdRAH@AO@AOAQEJd?EK=PÒAQP`NIEJKQI
?KJFQJPK NACQH=N @A OEJPKI=O A QI= OQ?AOOZK @A LANdK@KO E?DAH J=O?EIAJPK @= HdJE?=
EK@A =JAENK KNAJOAJERANOEPXNE=¼ÄÂÂ¢¼ÄÁ¾£LL¼»À¼»Â
¼ÄÀ
( EILKNP=JPA B=VAN QI= @EOPEJ^ZK X @KEO IKREIAJPKO MQA OZK P=JCAJPAO W JKOO= HAEPQN=ALK@AIOAN
?KJBQJ@E@KOOAJZK=PAJP=@KOOK>NA=PN=JOE^ZK@KO`?QHK L=N=K KO=>ANI`@E?KAOPXAJRKHRE@K
P=JPK JK =OEHK MQ=JPK JK I=JE?kIEK ACQJ@K K=O?EIAJPK@=HdJE?= =@EBANAJ?E=^ZKAJPNAKOI`PK@KO`
?D=RA L=N= ?KILNAAJ@AN =O @EBANAJ^=O AJPNA = PN=@E^ZK I`@E?= @K A = PN=@E^ZK?HdJE?=KLNEIAENK
OECJKO A OEJPKI=O OZK K>OANR=@KO L=N= @A@QVEN = @KAJ^= OAL=N=^ZK AJPNA OECJKO A OEJPKI= ` QI=
PN=JOE^lAO ?KI = PN=@E^ZK ?HdJE?= LAH= ?KJOP=P=^ZK @A MQA JAI PK@K OECJK @AIKJOPN=@K LAHK @KAJPA `
OEJPKI= NALAPE^ZK A = K>OANR=^ZK @= N=?EKJ=HE@=@A ?EAJPdBE?= OZK EJ?KNLKN=@KO =K O=>AN I`@E?K L=N=
=LNKBQJ@=NQI@KIdJEKOK>NA=P`?JE?=A=OQ=@K?QIAJP=^ZK

¼»¼
WRGR FRPSOH[R H DIiYHO j REVHUYDomR D KHWHURWRSLD p XP DYHVVR IUDJPHQWiULR JUDQXORVR H

GLVWDQWH 6mR ORFDLV GLVWLQWRV GRV VHXV DUUHGRUHV PDV TXH QmR LPSHGHP D GLVVHPLQDomR H
PHVFODFRPDVFHUFDQLDV
(LV SRU TXH DV XWRSLDV SHUPLWHP DV IiEXODV HRVGLVFXUVRVVLWXDPVHQDOLQKDUHWDGD
OLQJXDJHP QD GLPHQVmR IXQGDPHQWDO GD IiEXOD DV KHWHURWRSLDV HQFRQWUDGDV WmR
IUHTHQWHPHQWH HP %RUJHV GLVVHFDP R SURSyVLWR HVWDQFDP DV SDODYUDV QHODV
SUySULDV FRQWHVWDP GHVGH D UDL] WRGD SRVVLELOLGDGHGHJUDPiWLFDGHVID]HPRVPLWRV

HLPSULPHPHVWHULOLGDGHDROLULVPRGDVIUDVHV
/RJR QDV SULPHLUDV SiJLQDV DV KHWHURWRSLDV SRGHP VHU YLVWDV HQTXDQWR UHVLVWrQFLDV j
RUGHP PRYLGD SRU XP UDFLRQDOLVPR GR FDPSR GDV LGHLDV (OD SURPRYH R HQFRQWUR HQWUH
FRQKHFLPHQWRV H DR ID]rOR LQWHQVLILFD D IRUPDomRGHVDEHUHV 6REHVVHYLpVpDKHWHURWRSLD
TXH SHUPLWH D UHQRYDomR FLHQWtILFD D IRUPDOL]DomR GH QRYRV HVSDoRV H GH QRYRV VDEHUHV D
HVWHV DVVRFLDGRV $ LQYHVWLJDomR GHVVHV RXWURV OXJDUHV SURSLFLD R FKRTXHFRPRXWURVVDEHUHV

FRPSURYDomRGDSOXUDOLGDGHKHWHURJrQHDGRVFRUSRVVRFLDLV
)RXFDXOW QmR FRPSUHHQGH R LQGHVHMDGR FRPR DQWtWHVH GR VLVWHPD FRPR R H[FOXtGR
GHVSURYLGR GH SURSyVLWR RX DWp PHVPR FRPR DOJXpP GHWHQWRU GH XP SDSHO SURYLVyULR (OH p
XP RXWUR TXH UHSUHVHQWD XPD RXWUD WRWDOLGDGH VLPXOWDQHDPHQWH DPEtJXD +LVWRULFDPHQWH D
ORXFXUD UHSUHVHQWDYD GLPHQV}HV LQFRPSUHHQVtYHLV GR RXWUR FXMR VDEHU VRPHQWH IRUD
YLVOXPEUDGR H DVVRFLDGR SHOR PXQGR FRUUHQWH 2V VLJQRV GRV ORXFRV IRUDP FRPSUHHQGLGRV
SHOD VRFLHGDGH FRP VLJQLILFDGRV WUDQVLWyULRV QR GHFRUUHU GR WHPSR FRQIRUPH GLVFXWLPRV QD
VHomRDQWHULRU
¼ÄÁ
E?DAH O =H=RN=O A=OKEO=OI==NMQAKHKCE=@=OEaJ?E=O QI=J=OZK=QHK=NPEJO
KJPAO ½»»» ¢¼ÄÁÁ£ L K HKJCK @A O =H=RN=O A =O KEO=O KQ?=QHP ATLHKN= QI ?KJFQJPK @A
LNK@Q^lAO =NPdOPE?=O A HEPANXNE=O P=JCAJPAO WO BAJ@=O ?NE=@=OJ=ALEOPAIKHKCE==ODAPANKPKLE=O?KJPK@A
KNCAO ` OKIAJPA K LNEIAENK @AOOA ?KJFQJPK LKOPANEKNIAJPA K =QPKN =>KN@=NX =LEJPQN==OAJEJ=O@A
EACK AHXOMQAV KI QETKPA @A ECQAH @A ANR=JPAO QOPEJA A QHEAPPA @A =NMQaO @A =@A A KQPNKO
ATAILHKO @= HEPAN=PQN= OQNNA=HEOP= LNAK?QL=^ZK?AJPN=H@A KQ?=QHPJAOO=K>N=`=KN@AIKIKKN@AI
L=H=RN= A O=>AN OA BKNI=I A @AOI=J?D=I DAPANKPKLE= A = DAPANKPKLKHKCE= ?KJPEJQ=N=I = OAN
ATLHKN=@=OJ=?KIQJE?=^ZKQPNKOOL=^KO PN=JO?NEP=LKOPANEKNIAJPAJKRKHQIAEPKOAO?NEPKO
¼ÄÂ
OO= ATLHKN=^ZK JZK ` LEKJAENEOIK JKOOK NAH=^ZK AJPNA DAPANKPKLE=O A KAOPQ@K@=DAPANKJEIE=AOPX
LNAOAJPA DX =HCQI PAILK QN=JPA KO qHPEIKO =JKO JK ?AJXNEK =?=@aIE?K >N=OEHAENK PAI OA @EBQJ@E@K K
?KJ?AEPK @A DAPANKPKLE= A = DAPANKPKLKHKCE= AH=?EKJ=@K =K ?=ILK @= HKQ?QN===OOK?E=^ZKDAPANKPjLE?=
OA =LNAOAJP= @A BKNI= I=EO BNAMQAJPA = L=NPEN @A ½»»ÂH=BKEQPEHEV=@=AIR=NE=@KOAOPQ@KOJ=OXNA=O@A
AOPQ@KO HEPANXNEKO A ?EaJ?E=O OK?E=EO>QO?=J@K=PN=RÒ@=DAPANKPKLKHKCE==BKNI=^ZK@AOOAOAOL=^KOI=
AT?AHAJPA HAEPQN= OK>NA KO I=JE?kIEKO ?KIK AOL=^KO DAPANKPjLE?KO A = OQ= NAH=^ZK ?KI K =JPK @KO
=H@EPKO @A QOPNACÒEHK QAJK BKE AO?NEP= A @ABAJ@E@= LKN =MQAHEJJA HRAO ANJ=J@AO J= B
=MQAHEJJA HRAO ?KJOPEPQE^ZK @K OQFAEPK AI =JPK @KO =H@EPKO @A QOPNACÒEHK =NN=JK
QAJK ½»¼» ¼¿¾ B EOOANP=^ZKNKCN=I=@AjO N=@Q=^ZKAIOPQ@KOEJCQdOPE?KO JOPEPQPK@AAPN=O
AEJCQdOPE?=@=JERANOE@=@A A@AN=H@A>ANHYJ@E=I=N^K@A½»¼»

¼»½
1mR REVWDQWH R PRYLPHQWR UHDOL]DGR SHOD FRQVROLGDomR GRVDEHUUDFLRQDOHPpGLFRp

UHVSRQViYHO SHOR HVYD]LDPHQWR GHVVD GLDORJLD HRVHXGLVWDQFLDPHQWRItVLFRQRVDVLORVGXUDQWH
R ;9,,, H FRQWLQXDPHQWHSHOR;,;&RQWLJXDPHQWHjHOXFLGDomRGRORXFRRGLVWDQFLDPHQWRp
DFRPSDQKDGR SHOD GHSUHFLDomR $ KHWHURWRSLD GRV ORXFRV SHUPLWH j XWRSLD GD RUGHP H GD
UD]mR VHJXLU HP GLUHomR D IRUPDomR GDV LQVWLWXLo}HV RUJDQL]Do}HVHVDEHUHVFRQWHPSRUkQHRV
'HQWUR GDV KHWHURWRSLDV RV PDQLF{PLRV FRUUHVSRQGHP jV KHWHURWRSLDV GH GHVYLRDRODGRGDV
SULV}HV ,VVR VH IH] SRVVtYHO SHOR GHVHQYROYLPHQWR GR VDEHU PpGLFR PDV WDPEpP SHOD
FRGLILFDomR GDV QRUPDV H GR QRUPDO HQTXDQWR SULQFtSLR HVWDEHOHFLGR RV SURFHVVRV GH
QRUPDomRHQRUPDOL]DomR
1HVVH PRPHQWR DUTXHRORJLD GR VDEHU HQFRQWUD JHQHDORJLD GR SRGHU FRP D
KHWHURWRSLD PDQLFRPLDO VLWXDGD QR HQWUHPHLR $ GLVFLSOLQD GR KRVSLWDO SVLTXLiWULFR SURGX]
VHXV LQGLYtGXRV SDUD VHUHP VLPXOWDQHDPHQWH REMHWRV H LQVWUXPHQWRV 2EVHUYDomR H HVSDoR VH
WRUQDP PHFDQLVPRV GH FRQWUROH GH YLJLOkQFLD QD HVWUXWXUD VREUH FRUSRV HP SURFHVVR GH
QRUPDOL]DomR 2 SURSyVLWR p VLPLODU DRV KRVSLWDLV DWUDYpV GD UHODomR FRP R QRUPDO

HVWDEHOHFHU XP FRUSR PpGLFRHTXDGURKRVSLWDODUSDUDID]HURSHUDUQRUPDVJHUDLVGHVD~GH
3RUpP R KRVSLWDO SVLTXLiWULFR OLGD FRP RSRVWRV (QTXDQWR R LQWXLWR p D KRPRJHQHL]DomR GD
QRUPDOLGDGH VmR GHILQLGRV RV SDUkPHWURV GH JUDGDomR GD GLIHUHQoD VREUH RV LQGLYtGXRV
GHVYLDQWHV &RQIRUPH D QHFHVVLGDGH GR KRVSLWDO HP WUDWDU VHXV GRHQWHV D SURGXomR GH

GLDJQyVWLFR SHOR H[DPH VHUYH D XP ILP DPEtJXR LQWHUOLJD VDEHU H SRGHU $ UHJXODUL]DomR
GR H[DPH QRVKRVSLWDLVUHFRUUHQWHMiQRVpFXOR;9,,,DOWHUDDILQDOLGDGHGDDVVLVWrQFLDSDUDR
DSHUIHLoRDPHQWR FLHQWtILFR H VLQJXODUL]DU R LQGLYtGXR 1R VpFXOR ;,; HOH SDVVD D VHU
LQYRFDGR QD )UDQoD FRPR GHUURJDWyULR GD VHQWHQoD H GD VXMHLomR GD UHVSRQVDELOLGDGH
5HOHPEUHPRVVHRORXFRQmRpQDGDFRPRHOHSRGHVHUUHVSRQVDELOL]DGR"
(VVD UHLYLQGLFDomR p UHLWHUDGD QDV SDOHVWUDV QR &ROOHJH GH )UDQFH TXH FRPS}HP 2V
$QRUPDLVRQGHDVOLQKDVJHQHDOyJLFDVGDSVLTXLDWULDHMXOJDPHQWROHJDOHQFRQWUDPRDQRUPDO
¼ÄÃ
E?DAHECE=NAQJENJ=O?EIAJPK@=NEOZKAPNjLKHEO@EPKN=KVAO¼ÄÄÄ¢¼ÄÂÀ£L
¼Á¿
¼ÄÄ
ACQJ@K KQ?=QHPAIECE=NAQJEN EJ=HIAJPAKAT=IAAOPXJK?AJPNK@KOLNK?AOOKOMQA?KJOPEPQAI
K EJ@ERd@QK ?KIK ABAEPK A K>FAPK @ALK@AN?KIKABAEPKAK>FAPK@AO=>AN(AHAMQA?KI>EJ=J@KRECEHYJ?E=
DEANXNMQE?= A O=J^ZK JKNI=HEV=@KN= NA=HEV= =OCN=J@AOBQJ^lAO@EO?ELHEJ=NAO@ANAL=NPE^ZKA?H=OOEBE?=^ZK
@A ATPN=^ZK IXTEI= @=O BKN^=O A @K PAILK @A =?QIQH=^ZK CAJ`PE?= ?KJPdJQ= @A ?KILKOE^ZK jPEI= @=O
=LPE@lAO E?DAH ECE=N A QJEN J=O?EIAJPK @= NEOZK APNjLKHEO @EPKN= KVAO ¼ÄÄÄ
¢¼ÄÂÀ£L½¼Á

¼»¾

$ FDWHJRUL]DomR GD DQRUPDOLGDGH DWUDYpV GD SVLTXLDWULD SHQDO VmR YLVOXPEUDGDVDWUDYpVGR
HVWXGR GDV WpFQLFDV GH QRUPDOL]DomR D VH RFXSDU GR GHOLQTXHQWH GR PRQVWUXRVR H GR GRHQWH
)RXFDXOW GHPRQVWUD WHU D IRUPDomR GHVVH SRGHU DVSHFWRV GLVWLQWRV GR PpGLFR H GR SROLFLDO
PDVTXHIRLSRVVtYHOSRUPHLRGHVWHV
7HPRV HQWmR MXQomR QR LQWHULRU GHVVH FDPSR RUJDQL]DGR SHOD QRYD SVLTXLDWULD RX
SHOD SVLTXLDWULD QRYD TXH WRPD OXJDU GD PHGLFLQD GRV DOLHQLVWDV WHPRV DMXVWH H
FRLQFLGrQFLDSDUFLDOWHRULFDPHQWHDLQGDGLItFLOGHSHQVDU PDVHVVHpRXWURSUREOHPD
GHGRLVXVRVGDQRUPDGHGXDVUHDOLGDGHVGDQRUPDDQRUPDFRPRUHJUDGHFRQGXWDH
D QRUPD FRPR UHJXODULGDGH IXQFLRQDO D QRUPD TXH VH RS}H j LUUHJXODULGDGH H j

GHVRUGHPHDQRUPDTXHVHRS}HDRSDWROyJLFRHDRPyUELGR
$SUHRFXSDomRFRPDDQRUPDOLGDGHpGHULYDGDGLFRWRPLFDPHQWHHPIRUPDWRVLPLODUD
*HRUJHV &DQJXLOKHP (VVH VDEHU D JDOJDU R HVSDoR SVLTXLiWULFR H MXUtGLFR GHILQH QRYRV
kPELWRV HQWUH DV GXDOLGDGHV PpGLFRMXGLFLiULD H SDWROyJLFRQRUPDWLYR 2 QRYR HVSDoR
SVLTXLiWULFR UHJXOD D MXQomR HQWUH FULPH H ORXFXUD WRUQDQGRD QRUPD QmR PDLV H[FHomR 2
QRYR GLVFXUVR SVLTXLiWULFR p SURGXWR GH XP IHWLFKLVPR SDUWLFXODU (OD FDWHJRUL]D VLWXDo}HV H
FRPSRUWDPHQWRV PDQWHQGR D REVHUYDomR UDFLRQDO GR H[WHUQR HP TXH D RUJDQL]DomR GHFDVRV
JHUD HIHWLYD MXULVSUXGrQFLD $ DQRUPDOL]DomR H WHUDWRORJLD GR ORXFR VH IH] SRSXODU
VLPXOWDQHDPHQWH DRV SRGHUHV GH FRQWUROH H WUDWDPHQWR XPD UHFHLWD SDUD SDGURQL]DU D

GLIHUHQoD KRVWLO DR FRQYtYLR VRFLDO 2 GLVFXUVR QR TXDO D UD]mR HQFRQWUD R HOHPHQWR
½»»
=NA?AIA MQA K AT=IA I`@E?KHAC=H ¡ ` QI ATAILHK L=NPE?QH=NIAJPAJKPXRAH@=ENNQL^ZKKQI=EO
RANKOOEIEHIAJPA @= EJOE@EKO= EJR=OZK @= EJOPEPQE^ZK FQ@E?EXNE= A @= EJOPEPQE^ZK I`@E?= AT=P=IAJPA J=
BNKJPAEN= AJPNA =O @Q=O LKN ?ANPK IA?=JEOIK MQA FQOP=IAJPAJZKÌ`@E?KAJZK`FQ@E?EXNEKAB=HAEPZK
@APE@=IAJPA@KAT=IAI`@E?KHAC=HBKEL=N=IKOPN=N@AQIH=@KMQAAHAB=VE==FQJ^ZKMQAAHA?QILNE==
BQJ^ZK@A?KOPQN=AJPNAKFQ@E?EXNEKAKI`@E?K E?DAHOJKNI=EOZK=QHK@EPKN=
½»¼»¢¼ÄÂ¿¼ÄÂÀ£L¾À
½»¼
E@AIL¼¾Ä
½»½
PANIK LOE?KL=PE= BKE EJE?E=HIAJPA ?NE=@K JK O`?QHK ?KIK JKIAJ?H=PQN= CAN=H L=N= @EOPqN>EKO
IAJP=EO HKJCA @K OAJPE@K =PNAH=@K LKOPANEKNIAJPA W OK?EKL=PE= A =PQ=HIAJPA =K PN=JOPKNJK @A
LANOKJ=HE@=@A =JPEOOK?E=H ¡ OQ= PN=JOE^ZK @A OAJPE@K OA @ARA = QI ?KJFQJPK @A B=PKNAO ?KIK =
NAH=^ZK AJPNA AOPQ@KO ?NEIEJ=EO A LOEMQE=PNE= BKNAJOA X = AOP=J@=N@EV=^ZK @K LNK?A@EIAJPK @A
PN=P=IAJPK @A A FQdVKO =OOK?E=@KO W LANE?QHKOE@=@A A DX P=I>Ì = =HEAJ=^ZK OK?E=H @AOO=O LAOOK=O
L=N= =OOK?EXH=O =K I=EKN JdRAH @A NEO?K LKOOdRAH =NPUJ P=J@=N@EOEJC =JPEOK?E=H
LANOKJ=HEPU @EOKN@AN PDA OK?E=HOD=LEJCKB=LOU?DE=PNE?PA?DJKHKCU K?EKHKCUKB A=HPDx HHJAOO ¾¿ ¿¡
½»¼¼ LL À¿¿ÀÀÄ DKOPEHEV=^ZK @K KQPNK =OOK?E=@K =K ?NEIA =PN=RAOO= =O LNK@Q^lAO ?EJAI=PKCNXBE?=O
FKNJ=HdOPE?=O A HEPANXNE=O @A JKOO= AN= OO=OOEJKO OANE=EO BKN=I PKNJ=@KO B=IKOKO LAHKO P=>HjE@AO
>NEPYJE?KO I=O EIKNP=HEV=@KO J= Id@E= AOP=@QJE@AJOA EI=CAI @K PANNKN ?=QO=@K A NALAN?QPE@= J=
OK?E=HIAJPA JZK `=IAOI=@=MQAH=LNAOAJPAJK@EO?QNOKI`@E?KAHAC=HKJ@AKLKOE?EKJ=IAJPK?EAJPdBE?K
=PQ=H OA =>OPaI @A ?KJ?HQOlAO PKP=HEV=JPAO PANIEJKHKCE= LNAOAJPA JK PAJ@AJ?EKQ L=N= K
=B=OP=IAJPK @= JKIAJ?H=PQN= @= OK?EKL=PE= KQ LOE?KL=PE= LNABANEJ@K K QOK@A=JPEOK?E=HAQI=CN=@=^ZK
P=JPKL=N=@E=CJjOPE?KMQ=JPKPN=P=IAJPK

¼»¿
KRVWLOL]DQWH H R QHXWUDOL]D p HIHWLYR WDQWR DRFRQWUROHSROLFLDOHVFRFRPRDRDSD]LJXDPHQWRGD

VRFLHGDGH GLWD QRUPDO 8P FRQWUROH VRFLDO MXUtGLFR H SVLTXLiWULFR WHP FRPR HIHLWR PRVWUDU D
GLIHUHQoDSDXWDGDQRKRUURUHQDYLROrQFLDSDUDGLVWDQFLDURORXFR
$ LQYHVWLJDomR DUTXHROyJLFD GD +LVWyULD GD /RXFXUD FXOPLQD QD IRUPDomR GR DVLOR
FRPR PRGR GH PDQXWHQomR GH XPD QRUPD PRUDO 8P OXJDU RQGH D ORXFXUD SRGH VHU
REVHUYDGD DWUDYpV GH VHXV DWRV RQGH R GHVFRQWUROH GR ORXFR p PHGLGR H DQDOLVDGR $IDVWDGR
GR FRQYtYLR VRFLDO H GH XPD FRQWtQXD DVVRFLDomR FRPR R LQIDQWLO H R HVWUDQKR 2 ORXFR p
DIDVWDGR PDV D WUDMHWyULD GH VXD LPDJHP GLILFLOPHQWH p GHVDOLHQDGD GRUHVWDQWHGDVRFLHGDGH
$ UHFXVD DR WUDWDPHQWR SVLFDQDOtWLFR SVLFRWHUDSrXWLFR RX SVLTXLiWULFR FRQILJXUD XP IDWR
VRFLDO (QWUH DV GLYHUVDV PRWLYDo}HV SRVVtYHLVDDIDVWDUSHVVRDVGRWUDWDPHQWRHVWiRUHFHLRGH
UHFHEHU D SHFKD GH ORXFR GHPHQWH RX RXWURV QRPHV GHQHJULWyULRV FRUUHQWHV QD VRFLHGDGH
FRQWHPSRUkQHD
1D DWXDOLGDGH RV PpWRGRV FLHQWtILFRV VH GLUHFLRQDUDP SURJUHVVLYDPHQWH SDUD D
FDWDORJDomR GH VLQWRPDV H GH GLDJQyVWLFRV GH WUDWDPHQWR FRPR IXQGDPHQWR GH HIHWLYD
QRUPDOL]DomR 1RVVD LQFDSDFLGDGH HQTXDQWR RUJDQLVPR VRFLDO SDUD YHU H WUDWDU R RXWUR SHOD
GLFRWRPLD HQWUH VD~GH H GRHQoD p YLVWD SHOD GLItFLO DSOLFDomR GH FHUWRV GLDJQyVWLFRV H
WUDWDPHQWRV 3HJXHPRV SRU XP H[WUHPR 2 WUDQVWRUQR GH SHUVRQDOLGDGH DQWLVVRFLDO SRVVXL
SUR[LPLGDGH DR HVWXGR HPSUHHQGLGR SRU )RXFDXOW Q 2V $QRUPDLV $ VXD QRPHQFODWXUD WrP
XP KLVWyULFR DVVRFLDGR jRULJHPGDSUySULDSVLTXLDWULDIRUHQVHDTXDODVDQFLRQRXDPRUELGH]
HQTXDQWR DLQGD HUDSVLFRSDWLDHVRFLRSDWLD6HJXQGRRDXWRU³RTXHDSVLTXLDWULDTXHVWLRQDp

D LPRUDOLGDGH PyUELGD RX DLQGD XPD GRHQoD GD GHVRUGHP´ e D SVLTXLDWULD TXH VHUYH j
WHFQRORJLD GD DQRPDOLD HP )RXFDXOW $ FLrQFLD TXH REVHUYD D GHVRUGHP H D GHILQH EXVFD
WDPEpP HVWDEHOHFHU DV VXDV IRUPDV GH FRQWHQomR VRFLDLV H PRUDLV $QRV DQWHV HOH DLQGD
GHILQLULD VRE D YHUWHQWH DUTXHROyJLFD GD +LVWyULD GD /RXFXUD ³(P WRGR FDVR p HVWD
DQLPDOLGDGH GD ORXFXUD TXH R LQWHUQDPHQWR H[DOWD DR PHVPR WHPSR HP TXH VH HVIRUoD SRU

HYLWDURHVFkQGDORGDLPRUDOLGDGHGRLUUDFLRQDO ´ JULIRVGRDXWRU
2 KRVSLWDO SVLTXLiWULFR WHQWD FRQWHU D DQRUPDOLGDGH VRE RV VLJQRV GDV QRUPDV
KRPRJrQHDV GD PRUDOLGDGH HQTXDQWRHVVDRUGHPSVLTXLiWULFDWHQWDHVWHQGHURVVHXVPHPEURV
DWp DOFDQoDU RV VHXV DVSLUDQWHV GHOLUDQWHV GLVWDQWHV 2 WUDQVWRUQR GH SHUVRQDOLGDGH DQWLVVRFLDO
½»¾
E?DAHLEP½»¼»¢¼ÄÂ¿¼ÄÂÀ£L¼¾Ä
½»¿
E?DAHLEP¼ÄÂÃ¢¼ÄÁ¼£L¼Â¾

¼»À
UHSUHVHQWD XP GHVDILR DLQGD H[LVWHQWH SRLV D VXD IXQGDomR IRL SDXWDGD QD QRomR GH
PRQVWUXRVLGDGH GR SDWROyJLFRQRUPDWLYR $ FULDomR GR FDVR GD SVLFRSDWLD FULD XPD JUDQGH
PRQVWUXRVLGDGH HQWUH D FULPLQDOLGDGH H D GRHQoD FXMR UHFHLR p D SHUSHWXDomR GH LQGLYtGXRV
FRP WDO JUDGDomR GH DQRUPDOLGDGH 'HVVD PDQHLUDpYLVOXPEUDGDXPDDQRUPDOLGDGHLPRUDOD
QmR UHVSHLWDU RV OLPLWHV GD QRUPD QHFHVViULR j FRQYLYrQFLD VRFLDO 2 UHFHLR VREUH D
PRQVWUXRVLGDGH ± FRPR IRUPD GH QHJDomR GD VRFLHGDGH DIHWD DPERV HIHLWRV GD QRUPD R
FRQWUROH GD GHVRUGHP H D UHVWULomR GR SDWROyJLFR 1R VLVWHPD QRUPDWLYR SDWROyJLFR RV
LQGLYtGXRV GHYHP FRPSUHHQGHU D UD]mR SHOR VHX WUDWDPHQWR 4XDQGRLVVRDFRQWHFHRVLVWHPD
PRUDO IUDFDVVD SRLV QmR Ki SHUVSHFWLYD GH WUDWDPHQWR (VVD DVVHUomR p YHUGDGHLUD SDUD R
FRQMXQWR GH LQGLYtGXRV TXH HQWHQGHP R IXQFLRQDPHQWR GR VLVWHPD VRFLDO PDV QmR YLYHP
SHODVVXDVQRUPDV
2 SHUFXUVR GD ORXFXUD IRXFDXOWLDQD pIDVFLQDQWHVHDQDOLVDGDHPUHWURVSHFWR'RORXFR
GH VDEHGRULD RFXOWD H DSDUHQWH LQRFrQFLD FRP R SDVVDU GDV HUDV p WUDQVIRUPDGR HP
PRQVWUXRVR H DEMHWR MXVWDPHQWH SHOD SURJUHVVmR UDFLRQDO H PRUDO 1R WRFDQWH DR HVSDoR HOH
WUDQVLWD GR GHVFRQKHFLGR DR KHWHURWySLFR GD DXVrQFLD DR GLVVRQDQWH RQGH D GLVFLSOLQD H R
VDEHU SURJULGHP 2 HQFRQWUR FRQWtQXR H D DQiOLVH FRQWtJXD GR RXWUR OHYDP D VXD SURJUHVVLYD
DQRUPDOL]DomR RQGH FDVRV H[WUHPRV VmR OHYDGRV j FLrQFLD GH RXWUDV VDEHUHV GLVFLSOLQDUHV $
FDWDORJDomR H HVWXGR SUHFLVRGRVVLQWRPDVOHYDQWDRUHFHLRGDSUROLIHUDomRGRKRUURUUHJLVWUR
SRSXODU H IpUWLO QR LPDJLQiULR VRFLDO RQGH R IUDWULFtGLR H D YLROrQFLD YHQGHP LQ~PHUDV
SiJLQDV 2 FRQWUROH VH Gi VREUH R FRUSR GR LPRUDO PDV DV VXDV LPRUDOLGDGHV DWUDYHVVDP
JHUDo}HV e FRPRVHDGHOLPLWDomRGRFRUSRIRVVHVXILFLHQWHSDUDDWUDQTXLOLGDGHVRFLDOSDUDD
GLIHUHQFLDomR HQWUH QyV H RV RXWURV (QTXDQWR R KRUURU SRGH VHU SURIHULGR H GLIXQGLGR GHVGH
TXH DWUHODGR SHUSHWXDPHQWH DR RXWUR (OH VH FKRFD FRQWUD DV LQVWLWXLo}HV DSDUHQWHPHQWH
VyOLGDV GR PHLR VRFLDO D PHGLFLQD D MXVWLoD H D IDPtOLD H D UHVSRVWD p DSD]LJXDPHQWR H
FRQWUROH(VVHpRSUHYDOHFLPHQWRGDQRUPDSHODVIHUUDPHQWDVGHQRUPDomRHQRUPDOL]DomR

¼»Á
&RQVLGHUDo}HV)LQDLV

$ HVFROKD GRV DXWRUHV H GRV HL[RV WHyULFRV H[SRVWRV DR ORQJR GHVVD GLVVHUWDomR
VHJXLUDP QmR Vy XPDDWXDOL]DomRWHyULFD3DUD3DUVRQV*RIIPDQH)RXFDXOWRPDQLF{PLRHUD
XPD UHDOLGDGH 8PD LQVWLWXLomR KLVWyULFD LPDQHQWH GH XP SDVVDGR KLVWyULFR H GH XP SUHVHQWH
VRFLRFXOWXUDO $WXDOPHQWH RV PDQLF{PLRV SRGHP UHSUHVHQWDU XP FRQMXQWR GLVWLQWR HQWUH
LQVWLWXLomR H RUJDQL]DomR GDTXHOH OHYDQWDGR H FRQVWUXtGR QRVDQRVGHFDGDXPGHVVHVDXWRUHV
1mR QRV LOXGLPRV KRVSLWDLV SVLTXLiWULFRV DLQGD H[LVWHP $ UHIRUPD SVLTXLiWULFD H VHXV
FUX]DPHQWRV FRP R PRYLPHQWR DQWLPDQLFRPLDO WRGDYLD IRUDP UHVSRQViYHLV SRU WUDQVIRUPDU
HIHWLYDPHQWH D HVWUXWXUD PDQLFRPLDO +i DLQGD D SURPHVVD GH XP IXWXUR QRYDPHQWH VRE R
MXJRGRVPDQLF{PLRVPDVHVVHDVVXQWRpSDUDRXWURVWH[WRV
3DUD QyV IH]VH LPSRUWDQWH EXVFDU HOHPHQWRV SDUD D UHODomR H FRQVWUXomR VRFLDO GR
ORXFR TXH QmR VH HPEDVDVVH HVWULWDPHQWH PH PDQLF{PLRV $ UHOHYkQFLD GRV DXWRUHV DTXL
H[SRVWRV VH UHYHORX SHOD FRPSUHHQVmR GR HVSDoR H SDSHO GR ORXFR DOpP GHVVH HVSDoR ItVLFR
+i XPD HVWUXWXUD H RUJDQL]DomR VRFLDO H[WUDSRODQWH YLVOXPEUDGD SRU DOJXPDV FDWHJRULDV ±
WDQWDV TXDQWR R WHPSR SHUPLWLX D LQVWLWXLomR D FDWHJRUL]DomR H D YDORUL]DomR GR ORXFR D
RUJDQL]DomRVRFLDOHRHVSDoRRFXSDGR
'H PXLWRV KRVSLWDLV SVLTXLiWULFRV UHVWDP RV HVFRPEURV ± YDOLRVRV YHVWtJLRV KLVWyULFR
GRFXPHQWDLV ± PDV GHVVHV HVFULWRV UHVWD D DQiOLVH GH TXH R FRQWUROH VRFLDO H D FLUFXQYHQomR
GR ORXFR QmR VH UHVWULQJLXDRV+RVSLWDLV&RO{QLD±VHMDPHOHV%DUEDFHQD-XTXHUL6DQW $QD±
(QJHQKRV GH 'HQWUR 6DQWDV 7HUH]DV H WDQWRV RXWURV +DYLD DOJR GHLQF{PRGRQDUHSHUFXVVmR
GR WUDWDPHQWR VREUH R RXWUR QD VXD GHILQLomR HQWUH GHVYLDQWH SVLFyWLFR H DQRUPDO HP
FRQWURODUDFDUQHSDUDDGDSWDUDPHQWH'HVVHLQF{PRGRQDVFHUDPHVVDVOLQKDV
1D HVWUXWXUD SDUVRQLDQD RQGH D GRHQoD p UHJXODGD SHOR WUDWDPHQWR GHVHMiYHO HP PHLR
jV HVIHUDV GR VLVWHPD Ki XP SDUDGLJPD $ ORXFXUD p SUREOHPiWLFD SRU VHU SHoD PDO DMXVWDGD
GXUDQWH D FRQVWUXomR GH WHRULDV GH VLVWHPDV 6HQGR DVVLP HOD GHYH SHUVLVWLU HP OLQJXDJHP
VLPLODU DRV RXWURV WUDWDPHQWRV H[LVWHQWHV LQWHUQDPHQWH DR IXQFLRQDOLVPR $ SDWRORJLD
ELROyJLFD H R FRPSRUWDPHQWR QRUPDO VmR GDGRV SUHFRQFHELGRV H HP QHQKXP PRPHQWR

¼»Â
FULWLFDGRV 6mR DVVLP JHUDGRUHV GH XP SUREOHPD GH LQWHJUDomR D XPD WHRULD GHWHQWRUD GD
HVWDELOLGDGH FRPR ILP FHQWUDO (PRXWUDVSDODYUDV7DOFRWW3DUVRQVFULDXPSUREOHPDSHODVXD
SUySULD IRUPD GH WHRUL]DU 3UREOHPD HVWHGHGLItFLOVROXomRHPVXDSUySULDOyJLFDSRLVDUD]mR
GHVHXVLVWHPDLPSHGHRHQFDL[HGHGRHQWHVFXMRWUDWDPHQWRQmRJDUDQWHDVXDDGDSWDomR
3DUVRQV GHGLFRX D VXD YLGD D IRUPDomR GH XPD WHRULD FDSD] GH FRPSUHHQGHU D
VRFLHGDGH HP VXD WRWDOLGDGH GDV LQWHUDo}HV jV RUJDQL]Do}HV DEVWUDWDV D IRUPDU QRVVD
LQWHJUDomR D XP PHLR VRFLDO (OH YLVXDOL]D D FRH[LVWrQFLD DWUDYpV GRV SDSHLV H[HFXWDGRV SRU
QyV H RV DQVHLRV TXH QRV PRYHP HP PHLR DR FRUSR VRFLDO $V LQVWLWXLo}HVHRFRQWUROHVRFLDO
GHVHPSHQKDP SDSHO WmR LPSRUWDQWH SRU PHGLDU D LQWHUDomR H R HVSDoR GDTXHOHV YLVWRV FRPR
WUDQVJUHVVRUHV GH XPD PRUDOLGDGH 1mR SRUTXH R VLVWHPD SDUVRQLDQR FRQGHQD D VXMHLomR GH
VHXV GLIHUHQWHV PDV SRUTXH HOH GHYH IXQFLRQDU FRPR XP PHFDQLVPR (OH SRVVXL REMHWLYRV
DWUHODGRV j SURJUHVVmR VROLGiULD H LQWHJUDWLYD GH VHXV PHPEURV RQGH R PDO IXQFLRQDPHQWR p
SHUFHELGR WUDWDGR H UHLQWHJUDGR4XDQGRRFRQWUROHVRFLDOQmRpVXILFLHQWHSDUDDUHLQWHJUDomR
SRLV R ULVFR VHPSUH SHUPDQHFHUi DDQRPLDpHOHQFDGD2PHGRGHXPDSUHVHQoDFUHVFHQWHGH
LQGLYtGXRV PDO DGDSWDGRV OHYD D FRQWtQXD IUDJPHQWDomR GRV FRUSRV LQVWLWXFLRQDLV H
UHJXODGRUHV VREUH D VROLGDULHGDGH H R GHVHQYROYLPHQWR VRFLDO $WUDYpV GD REVHUYDomR GR
RXWUR R ORXFR ± R GHVYLDQWH H R GRHQWH ± SHUFHEHPRV TXH QmR Ki UHVSRVWDV VXILFLHQWHV HP
3DUVRQVSDUDFRPSUHHQGrORGHQWURGDQRUPD
'H LQtFLR DFUHGLWDPRV VHU HVVH XP SUREOHPD H TXHVWLRQDPHQWR UHVWULWR j VXD JUDQGH
REUD H D DVSLUDomR HP DOFDQoDU R WRGR2HVWXGRHDHVFULWDGHVVDGLVVHUWDomRQRVPRVWUDUDPR
FRQWUiULR $ QRUPDomR H QRUPDOL]DomR GR ORXFRpXPSUREOHPDGHGLItFLOVROXomRHPWRGDVDV
JUDQGHV WHRULDV DTXL DERUGDGDV )RL LVVR RTXHWHQWDPRVWRFDUQRILQDOGHFDGDFDStWXOR$VHX
SUySULR PRGR WDQWR (UYLQJ *RIIPDQ TXDQWR 0LFKHO )RXFDXOW YLVOXPEUDP XPD GLVVLPLOLWXGH
TXH GHVRUGHQD D DGDSWDomR GRV ORXFRV 6H D DGDSWDomR p DIHWDGD D VROXomR SDUD D
QRUPDOL]DomR VH FRORFD QD IRUPDomR GH HVSDoRV SUySULRV SDUD HOHV RX QDPHGLFDomRSDUDTXH
RV VLQWRPDV VHMDP PDVFDUDGRV $ SUHVHQoD GH VLQWRPDV GLVW~UELRV H HVWLJPD FRPSOH[LILFD D
UHVROXomR GR SUREOHPD&RQIRUPHSUHVHQWHHP*RIIPDQH)RXFDXOWRMXOJDPHQWRVLQWRPiWLFR
QmR QHFHVVDULDPHQWH p HYLGrQFLD GH GLVW~UELRV YLGH R+RORFDXVWR%UDVLOHLUR4XDQGRQmRVmR
OHYDGRV DR DVLOR SRU VLQWRPDV GH GHVYLR VRFLDO R WHPRU VH HVWDEHOHFH QD VXD UHLQWHJUDomR j

¼»Ã
HVIHUD IDPLOLDU 2 IDWR GH $QGUHZ 6RORPRQ VHDSUR[LPDUWDQWRGDVIDPtOLDVSDUDRHVWXGRGRV

GLVW~UELRVROHYDDWRFDUHPWHPiWLFDWDQJHQWHD*RIIPDQ
$ LQYLVLELOLGDGH GR GLVW~UELR PHQWDO p XPD UHDOLGDGH SDUD DV GLYHUVDV SDUWHV QRV
DUUHGRUHV GRV LQGLYtGXRV 2 DXWRFRQWUROH p R SULPHLUR PHFDQLVPRGHFRQWUROHVREUHRGRHQWH
DILUPDP 3DUVRQV H *RIIPDQ 2 UHFHLR GR GHVFRQWUROH GH VL GXUDQWH XP HSLVyGLR PDQtDFR HR
HVWLJPD VXEVHTXHQWH VmR UHYHODGRUHV GDV YXOQHUDELOLGDGHV FRPXQLWiULD H GRPpVWLFD LPSRVWDV
$ IDPtOLD p VHQmRDSULPHLUDLQVWLWXLomRDOLGDUFRPRFRQWUROHQRUPDWLYRHPRUDOGRORXFRQD
HVSHUDQoD GH VXEVWLWXLU HP IXQomR D LQVWLWXLomR PpGLFD H RV HVSDoRV GH WUDWDPHQWR
6LPLODUPHQWH D IDPtOLD UHDOL]D XP FRQWUROH VRFLDO KLVWRULFDPHQWH DWUHODGR DRV DVLORV R
RFXOWDPHQWR $ DSDWLD UHEHOLmR DOLHQDomR H RXWURV VLQWRPDV VmR PXLWR FDURV DR DPELHQWH
IDPLOLDU SRLV JHUDP VRIULPHQWR SVtTXLFR jV FXVWDVGHQRUPDOL]DomRHDGHTXDomR1RYDPHQWH
HVVHV VLQWRPDV QmR VmR HYLGHQWHV GH GLVW~UELR PDV R VmR QR UHIHUHQWH DR HVWLJPD FDWHJRULD
QD TXDO R FRQWUROH VRFLDO WDPEpP p DSOLFDGR ,QFOXVLYH FRPR D SVLTXLDWULD IRUHQVH H D
DQRUPDOLGDGHHVWXGDGDVSRU)RXFDXOWHQIDWL]DPDUHWHQomRGRHVWLJPD
$ JrQHVH GD LQVDQLGDGH QmR p XP SRQWR GH DERUGDJHP SDUD RV QRVVRV VRFLyORJRV $
LGHQWLGDGH H D HVWUXWXUDomR GHVVD LGHQWLGDGH SDUHFHP WHPDV PDLV SURStFLRV 2 PHVPR QmR VH
DSOLFD D 0LFKHO )RXFDXOW H *HRUJHV &DQJXLOKHP (QWUH D DUTXHRORJLD H D JHQHDORJLD R
SURFHVVR KLVWyULFR GH REVHUYDomR GD ORXFXUD IRL XP GH QHJDomR GD UD]mR H JrQHVH GD
DQRUPDOLGDGH $ PRUWH VRFLDO GR ORXFR IRUD XP GHVWLQR SUHIHULGR GXUDQWH D LGDGH FOiVVLFD
PDV D SUROLIHUDomR GD ORXFXUD QR ROKDU H DR ORQJR GR WHPSR KLVWyULFR PRGHUQR SURYRFDUDP
GLVVRQkQFLD 8P FRUSR GHVFRQKHFLGR H DPRUDO FXMD DQiOLVH Vy HUD SRVVtYHO DWUDYpV GD
DVVRFLDomR HQWUH VLJQR H VLQWRPD 6HPSUH D SDUWLU GH XPD UDFLRQDOLGDGH H[WHUQD DR FRUSR
HVWXGDGR QXQFD DSDUWLUGRSUySULRORXFR$VXDH[LVWrQFLDHLQFRPSUHHQVLELOLGDGHSURPRYHP
RFHUFHDPHQWRGRVHUXPDPHGLGDGHFRQWHQomRDRFDyWLFR±DRKHWHURWySLFR
(VVH FHQiULR HQFRQWUD UHVVRQkQFLD FRP DV WHRULDV SUHGLVSRVWDV GRV VRFLyORJRV GRV
FDStWXORV DQWHULRUHV GHVWD GLVVHUWDomR 0RVWUDPRV WHRULDVGLVWLQWDVPDVSHUFXUVRVFRQFOXVLYRV
VLPLODUHV 'D QRUPD j ORXFXUD UHWRUQDPRV DR FRQWUROH VRFLDO HDRVPHFDQLVPRVGHDGDSWDomR
GR RXWUR 6H QRV SHUPLWLUPRV QRYDPHQWH WUD]HU SHQVDPHQWR SUy[LPR D &DQJXLOKHP
GHYHUHPRV QRV LQGDJDU VREUH R HVWiJLR GH VD~GH H QRUPDOLGDGH 6H D QRUPDOLGDGH IRL IHLWD
DYHVVD j GRHQoD FRPR p SRVVtYHO FRQVLGHUDUPRV DQRUPDO DTXHOH FXMD ~QLFD WD[DomR p D GH

¼»Ä
ORXFR" $ GRHQoD p SHQVDGD HQTXDQWR HVWiJLR WHPSRUiULR RX DR PHQRV WUDWiYHO 2 ULVFR GH
GHWHULRUDomR GR LQGLYtGXR p IHLWR DWUDYpV GD GRHQoD H HP UHODomR j PRUWH j SHUGD GD
LGHQWLGDGH 2 PHVPR FHQiULR QmR p DSOLFDGR VREUH R ORXFR RQGH D SHUGD p D GHWHULRUDomR GD
SUySULD LGHQWLGDGH $QGUHZ 6RORPRQ QRV PRVWURX TXH RV VLQWRPDV SRGHP VHU FRQWURODGRV
PDV R HVWLJPD JRIIPDQLDQR p GH GLItFLO GLVVRFLDomR +i XP DOWR FXVWR IDPLOLDU H SVtTXLFR
VLPLODU DR UHFHLR DQ{PLFR GH 3DUVRQV H 0HUWRQ SHOR HVIDFHODPHQWR VRFLDO SRU PRWLYDo}HV
DOKHLDVjFRPSUHHQVmRVLVWrPLFD
$ FRQFOXVmR GH XP WUDEDOKR GHVVD GXUDomR WDPEpP WUD] j WRQD SHUVSHFWLYDV GH
FRQWLQXLGDGH H SUy[LPRV SDVVRV $ OHLWXUD GHVVD DPSOD ELEOLRJUDILD SHUPLWLX DEULU KRUL]RQWHV
VREUH R WUDWDPHQWR H SRVLomR GR GLVW~UELR PHQWDO QD VRFLHGDGH FRQWHPSRUkQHD 2 DPSOR XVR
GH PHGLFDPHQWRV HP FtUFXORV DQWHULRUPHQWH SRXFR DVVRFLDGRV DR VHX FRQVXPR ± HVFRODV
XQLYHUVLGDGHV H HVFULWyULRV ± VXJHUH DOWHUDo}HV HP QRVVD UHODomR FRP R PHLR VRFLDO 2X D
PHGLFDOL]DomR VH WRUQRX SURItFXD H DFHVVtYHO D LQG~VWULD IDUPDFrXWLFD SURGX] WRQHODGDV GH
XPD PHUFDGRULD TXH GHYH VHU FRQVXPLGD R GLDJQyVWLFR GLVSRQtYHO SHOD FDWDORJDomR GH
GRHQoDV VH WRUQRX FRUULTXHLUR RX UHDOPHQWH YLYHPRV WHPSRV GH XPD VRFLHGDGH GRHQWH
$GHPDLV D SHUVSHFWLYD GH WUDWDPHQWR H UHLQVHUomR VRFLDO GDV SHVVRDV FRP GLVW~UELR PHQWDO
QmR PDLV VHJXH DV SUHUURJDWLYDV PDQLFRPLDLV ± DR PHQRV QR WHPSR GD SXEOLFDomR GHVWD
GLVVHUWDomR 2XWUDV IRUPDV GH WUDWDU H FRQYLYHU WrP VLGR LQFHQWLYDGDV DSyV R FDPLQKR HP
WULOKD GD UHIRUPD SVLTXLiWULFD H GRV PRYLPHQWRV GH OXWD DQWLPDQLFRPLDO (OHV QmR VmR
XQkQLPHV HP WRGRV RV SDtVHV GRJORER7HQGHQFLRVDPHQWHWHPVHPRVWUDGRPDLVDFHVVtYHLVH
HP QDFLRQDOLGDGHV FRP PDLRU LQYHVWLPHQWR HP VD~GH S~EOLFD ,VVR ID] FRP TXH D SURGXomR
FLHQWtILFD VHMD SDXWDGD HP ULWPRV GLVWLQWRV TXDQGR DV SUySULDV LQVWLWXLo}HV ORFDLV VmR
GLVFXWLGDVQDSUiWLFD

¼¼»
²%LEOLRJUDILD

$/(;$1'(5-HIIUH\2QRYRPRYLPHQWRWHyULFR5HYLVWD%UDVLOHLUDGH&LrQFLDV6RFLDLVQ
9RO-XQKRGH
BBBBBBBBBBBBB 7ZHQW\ /HFWXUHV 6RFLRORJLFDO 7KHRU\ 6LQFH :RUOG :DU ,, 1HZ <RUN
&ROXPELD8QLYHUVLW\3UHVV
BBBBBBBBBBBBB 3DUVRQV¶³6WUXFWXUH´LQ$PHULFDQ6RFLRORJ\,Q6RFLRORJLFDO7KHRU\YRO
1R6SULQJSS
$1'(56216 1HOV 7KH +RER WKH 6RFLRORJ\ RI WKH+RPHOHVV0DQ&KLFDJR8QLYHUVLW\RI

&KLFDJR3UHVVS
$1*5,67 6KLUOH\ 0HQWDO,OOQHVVDQG'HYLDQW%HKDYLRU±8QUHVROYHG&RQFHSWXDO3UREOHPV

,Q7KH6RFLRORJLFDO4XDUWHUO\9ROQRRXWRQRGHSS
$5%(;'DQLHOD+RORFDXVWR%UDVLOHLUR6mR3DXOR*HUDomR(GLWRULDOS
$521 5D\PRQG $V (WDSDV GR 0pWRGR 6RFLROyJLFR 6mR 3DXOR 0DUWLQV )RQWHV
>@
%$55(72 /LPD 'LiULR GR +RVStFLR &HPLWpULR GRV 9LYRV 6mR 3DXOR &RVDF 1DLI\
>@
%$67,'( 5RJHU $ 6RFLRORJLD GDV 'RHQoDV 0HQWDLV 6mR 3DXOR &RPSDQKLD (GLWRUD
1DFLRQDO>@
BBBBBBBBBBBBB26RQKRR7UDQVHHD/RXFXUD6mR3DXOR7UrV(VWUHODV>@
%(&.(5 +RZDUG 2XWVLGHUV (VWXGRV GH VRFLRORJLD GR GHVYLR 5LR GH -DQHLUR =DKDU
>@S
%+$77$&$+5-(( 'LSDQMDQ 6,1*+ 1DUHQGUD .U HW DO 6RFLRORJLFDO 8QGHUVWDQGLQJ RI
3V\FKLDWULF ,OOQHVV±$Q$SSUDLVDO,Q'HOKL3V\FKLDWU\-RXUQDOYROQRDSULOSS

%/80(5 +HUEHUW 6RFLHW\ DV V\PEROLF LQWHUDFWLRQLVP ,Q 6\PEROLF ,QWHUDFWLRQLVP

%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV
&$1d$'20DXUD/RSHV+RVStFLRp'HXVGLiULR,5LRGH-DQHLUR5HFRUG
&$1*8,/+(0 *HRUJHV 2 QRUPDO H R SDWROyJLFR D HG 5LR GH -DQHLUR (GLWRUD )RUHQVH
8QLYHUVLWiULD>@
&+5,66 -DPHV 6RPH 7KRXJKWV RQ 5HFHQW (IIRUWV WR )XUWKHU 6\VWHPDWL]H *RIIPDQ ,1
6RFLRORJLFDO)RUXP9RO1R
&2+(1 $OEHUW . 7KH 6RFLRORJ\ RI WKH 'HYLDQW $FW DQRPLH WKHRU\ DQG EH\RQG ,Q

¼¼¼
$PHULFDQ6RFLRORJLFDO5HYLHZYRO1R)HYHUHLURGHSS
&2/(0$1 -DPHV 6RFLDO 7KHRU\ 6RFLDO 5HVHDUFK DQG D 7KHRU\ RI $FWLRQ ,Q $PHULFDQ
-RXUQDORI6RFLRORJ\YRO1R0D\
&2/(0$1 0D[ $QRPLH &RQFHSW 7KHRU\ 5HVHDUFK 3URPLVHI7HVH±2EHUOLQ

&ROOHJH6RFLRORJ\'HSDUWPHQW
&25%$1(=, (OWRQ 6REUH D UD]mR GR 0HVPR TXH HQXQFLD D QmRUD]mR GR 2XWUR jVYROWDV
FRP D +LVWyULD GD /RXFXUD H 2 $OLHQLVWD I 'LVVHUWDomR 3URJUDPD GH 3yV
*UDGXDomR HP 6RFLRORJLD ,QVWLWXWR GH )LORVRILD H &LrQFLDV +XPDQDV 8QLYHUVLGDGH (VWDGXDO
GH&DPSLQDV&DPSLQDVQRYHPEURGH
&Ð57(6 0DULDQD 'LDER H )OXR[HWLQD IRUPDV GH JHVWmR GD GLIHUHQoD I 7HVH
3URJUDPD GH 3yV *UDGXDomR HP &LrQFLDV 6RFLDLV ,QVWLWXWR GH )LORVRILD H&LrQFLDV+XPDQDV
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV&DPSLQDVMDQHLURGH
'20,1*8(6 -RVp 0DXUtFLR6RFLRORJLFDO7KHRU\DQGWKHSUREOHPRIFROOHFWLYHVXEMHFWLYLW\

ZLWK VSHFLDO UHIHUHQFH WR 0DU[ 3DUVRQV +DEHUPDV DQG *LGGHQV I7HVH±/RQGRQ
6FKRRORI(FRQRPLFVDQG3ROLWLFDO6FLHQFH
BBBBBBBBBBBBB$6RFLRORJLDGH7DOFRWW3DUVRQV6mR3DXOR$QQDEOXPH>@
BBBBBBBBBBBBB 7HRULDV 6RFLROyJLFDV QR 6pFXOR ;; 5LR GH -DQHLUR &LYLOL]DomR %UDVLOHLUD

'2672,e96., )LyGRU &ULPH H &DVWLJR 7UDG 6$1726 $ $XJXVWR GRV /LVERD %RRN
+RXVH>@
'85.+(,0ePLOH26XLFtGLR6mR3DXOR0DUWLQV)RQWHV>@
)28&$8/7 0LFKHO +LVWyULD GD /RXFXUD QD ,GDGH &OiVVLFD 6mR 3DXOR (GLWRUD
3HUVSHFWLYD>@
BBBBBBBBBBBBB 2 QDVFLPHQWR GD &OtQLFD 5LR GH -DQHLUR )RUHQVH 8QLYHUVLWiULD
>@
BBBBBBBBBBBBB 9LJLDU H 3XQLU 2 QDVFLPHQWR GD 3ULVmR 3HWUySROLV (GLWRUD 9R]HV
>@
BBBBBBBBBBBBB2V$QRUPDLV6mR3DXOR(GLWRUD:0)>@
)5(< /XFL 5LEHLUR $ 7UDMHWyULD GR (VWUDQKR SHUFHSomR H FRPSUHHQVmR GR HVWUDQKR QD
WHRULD VRFLDO FRQWHPSRUkQHD I 7HVH 3URJUDPD GH 3yV*UDGXDomRHP6RFLRORJLD
,QVWLWXWR GH )LORVRILD H &LrQFLDV +XPDQDV 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV &DPSLQDV
IHYHUHLURGH

¼¼½
*(5+$5'7 8WD 7DOFRWW 3DUVRQV $Q ,QWHOOHFWXDO %LRJUDSK\ 1HZ <RUN &DPEULGJH
8QLYHUVLW\3UHVV
*,''(16 $QWKRQ\ 7KH &RQVWLWXWLRQ RI 6RFLHW\ 2XWOLQH RI WKH 7KHRU\ RI 6WUXFWXUDWLRQ
&DPEULGJH3ROLW\3UHVV
*2))0$1 (UYLQJ 3UHVHQWDWLRQ RI 6HOI LQ HYHU\GD\ OLIH (GLQEXUJK 8QLYHUVLW\ RI
(GLQEXUJKS
BBBBBBBBBBBBB 0DQLF{PLRV 3ULV}HV H &RQYHQWRV D HG 7UDG 'DQWH 0RUHLUD /HLWH 6mR
3DXOR3HUVSHFWLYD>@S
BBBBBBBBBBBBB %HKDYLRU LQ 3XEOLF 3ODFHV QRWHV RQ WKH 6RFLDO 2UJDQL]DWLRQ RI *DWKHULQJ
1HZ<RUN7KH)UHH3UHVV>D@
BBBBBBBBBBBBB (VWLJPD 1RWDV VREUH D 0DQLSXODomR GD ,GHQWLGDGH 'HWHULRUDGD D HGLomR
7UDG0iUFLD%DQGHLUDGH0HOOR/HLWH1XQHV5LRGH-DQHLUR7/&>E@S
BBBBBBBBBBBBB 7KH ,QVDQLW\ RI 3ODFH ,Q 5HODWLRQV LQ 3XEOLF ± 0LFURVWXGLHV RI WKH 3XEOLF
2UGHU1HZ<RUN%DVLF%RRNV>@SS
*22'( (ULFK ,V WKH 6RFLRORJ\ RI 'HYLDQFH 6WLOO 5HOHYDQW" ,Q 7KH $PHULFDQ 6RFLRORJLVW
YRO1R,QYHUQRGHSS
-2$6 +DQV .1g%/ :ROIJDQJ 7HRULD 6RFLDO YLQWH OLo}HV LQWURGXWyULDV 5LR GH -DQHLUR
(GLWRUD9R]HV>@
0$548(= *DEULHO *DUFtD ³6y YLP WHOHIRQDU«´ ,1 'R]H &RQWRV 3HUHJULQRV 7UDG(ULF
1HSRPXFHQR5LRGH-DQHLUR(G5HFRUG
0($' *HRUJH +HUEHUW 0LQG 6HOI DQG 6RFLHW\ IURP WKH VWDQGSRLQW RI D VRFLDO EHKDYLRULVW
&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV>@
0(5721 5REHUW . 6RFLRORJLD7HRULDH(VWUXWXUD6mR3DXOR0HVWUH-RX>@S

BBBBBBBBBBBBB 'LVFXVVLRQ ,Q $PHULFDQ 6RFLRORJLFDO 5HYLHZ YRO 1R $EULO GH
SS
BBBBBBBBBBBBB2Q7KHRUHWLFDO6RFLRORJ\1HZ<RUN7KH)UHH3UHVV
BBBBBBBBBBBBB6RFLRORJLD±7HRULDH(VWUXWXUD6mR3DXOR0HVWUH-RX>@
1$'(/ 6LHJIULHG )UHGHULFN 7KH 7KHRU\ RI 6RFLDO 6WUXFWXUH /RQGRQ &RKHQ :HVW
>@
3$562167DOFRWW$(VWUXWXUDGD$omR6RFLDO$FWLRQ5LRGH-DQHLUR9R]HV>@
BBBBBBBBBBBBB 7 KH3RVLWLRQRI6RFLRORJLFDO7KHRU\,Q$PHULFDQ6RFLRORJLFDO5HYLHZYRO
1R$EULOGHSS

¼¼¾
BBBBBBBBBBBBB 7KH 3URVSHFWV RI 6RFLRORJLFDO 7KHRU\ ,Q $PHULFDQ 6RFLRORJLFDO 5HYLHZ
9RO1R)HYHUHLURGH
BBBBBBBBBBBBB7KH6RFLDO6\VWHP/RQGRQ)RUJRWWHQ%RRNV>@
BBBBBBBBBBBBB 6RFLDO 6WUXFWXUH DQG WKH 'HYHORSPHQW RI 3HUVRQDOLW\ ,1 3V\FKLDWU\
SS
3$56216 7DOFRWWHW6+,/6(GZDUG9DOXHV0RWLYHVDQG6\VWHPVRI$FWLRQ,Q7RZDUGV
D*HQHUDO7KHRU\RI$FWLRQ&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV>@
3$56216 7DOFRWW (VVD\V LQ 6RFLRORJLFDO 7KHRU\ ± 5HYLVHG (GLWLRQ 1HZ <RUN 7KH )UHH
3UHVV
BBBBBBBBBBBBB 6RFLHGDGHV 3HUVSHFWLYDV HYROXWLYDV H FRPSDUDWLYDV 6mR 3DXOR (G

3LRQHLUD
BBBBBBBBBBBBB2VLVWHPDGDVVRFLHGDGHVPRGHUQDV6mR3DXOR3LRQHLUD>@
BBBBBBBBBBBBB 7KH 6LFN 5ROH DQG WKH 5ROH RI 7KH 3K\VLFLDQ 5HFRQVLGHUHG 7KH 0LOEDQN
0HPRULDO)XQG4XDUWHUO\+HDOWKDQG6RFLHW\ 9RO1R
3+,//,36 'HUHN / 5HMHFWLRQ RI WKH 0HQWDOO\ ,OO 7KH LQIOXHQFH RI EHKDYLRU DQG VH[ ,Q
$PHULFDQ6RFLRORJLFDO5HYLHZYROQRRXWXEURGHSS
3,&.(56*,// 0DUW\Q 6WDQGDUGLVLQJ DQWLVRFLDOSHUVRQDOLW\GLVRUGHUWKHVRFLDOVKDSLQJRID

SV\FKLDWULFWHFKQRORJ\,16RFLRORJ\RI+HDOWK ,OOQHVV SS±
52&+(5 *X\ 7DOFRWW 3DUVRQV H D 6RFLRORJLD $PHULFDQD 5LR GH -DQHLUR (G )UDQFLVFR
$OYHV>@
526$-RmR*XLPDUmHV6RU{FRVXDPmHVXDILOKD,13ULPHLUDVHVWyULDV5LRGH-DQHLURV
1RYD)URQWHLUD
527(5'2(UDVPRGH(ORJLRGD/RXFXUD6mR3DXOR/ 303RFNHW>@
58, 7DQLHOH &RUSRV $EMHWRV HWQRJUDILD HP FHQiULRV GH XVR H FRPpUFLRGHFUDFN
I 7HVH 3URJUDPD GH 3yV *UDGXDomR HP $QWURSRORJLD 6RFLDO ,QVWLWXWR GH )LORVRILD H
&LrQFLDV+XPDQDV8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV&DPSLQDVPDLRGH
6&+()) 7KRPDV %HLQJ 0HQWDOO\ ,OO $ 6RFLRORJLFDO 6WXG\ 1HZ <RUN $OGLQH GH *UX\WHU
>@
6&8// $QGUHZ 0HQWDO 3DWLHQWV DQG 7KH &RPPXQLW\ $ &ULWLFDO 1RWH ,QWHUQDWLRQDO
-RXUQDORI/DZDQG3V\FKLDWU\9RO
BBBBBBBBBBBBB 7KH LQVDQLW\ RI SODFH ,Q +LVWRU\ RI 3V\FKLDWU\ YRO QR SS

¼¼¿
BBBBBBBBBBBBB 7KH ,QVDQLW\ RI 3ODFH 7KH 3ODFH RI ,QVDQLW\ HVVD\V RQ WKH KLVWRU\ RI
SV\FKLDWU\1HZ<RUN5RXWOHGJHS
6&8// $QGUHZ 2UJ &XOWXUDO 6RFLRORJ\ RI 0HQWDO ,OOQHVV $Q $WR= *XLGH &DOLIRUQLD
6$*(3XEOLFDWLRQV
60,7+ 'HQQLV 7KH &KLFDJR 6FKRRO $ OLEHUDO FULWLTXH RI &DSLWDOLVP 1HZ <RUN 6W
0DUWLQ¶V3UHVV
62/2021 $QGUHZ /RQJH GD ÈUYRUH SDLV ILOKRV H D EXVFD GD LGHQWLGDGH .LQGOH HG 6mR
3DXOR&RPSDQKLDGDV/HWUDV
6=$6= 7KRPDV 7KH 0\WK RI 0HQWDO ,OOQHVV ,1 +80%(5 -DPHV HW$/0('(55REHUW
RUJ %LRPHGLFDO(WKLFVDQGWKH/DZ1HZ<RUN3OHQXP3UHVV>@
BBBBBBBBBBBBB 3V\FKLDWU\ (WKLFV DQG WKH &ULPLQDO /DZ &ROXPELD /DZ 5HYLHZ 9RO
1RSS
7:$''/( $QGUHZ ,OOQHVV DQG 'HYLDQFH ,Q 6RFLDO 6FLHQFH 0HGLFLQH YROSS

8/0(5 -HIIUH\ &RPPLWPHQW'HYLDQFHDQG6RFLDO&RQWURO,Q7KH6RFLRORJLFDO4XDUWHUO\

YRO1RSS
9$58/ 0DWWKLDV =LFN 7DOFRWW 3DUVRQV WKH 6LFN 5ROH DQG &KURQLF ,OOQHVV ,Q %RG\
6RFLHW\YROQRSS

Simiqueli FelipeResende M

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Simiqueli FelipeResende M

Enviado por

Direitos autorais:

Formatos disponíveis

Simiqueli, Felipe Resende, 1991-

SimOrientador: Maria Lygia Quartim de Moraes.

Sim1. Parsons, Talcott, 1902-1979. 2. Goffman, Erving, 1922-1982. 3.

Informações para Biblioteca Digital

Identificação e informações acadêmicas do(a) aluno(a)

Powered by TCPDF (www.tcpdf.org)

IRUPD WmR LQWHJUDGD j %DUEDFHQD H j PLQKD SUySULD YLGD 1DV ~OWLPDVGpFDGDVQmRpGLItFLODR

SDUWLU GD HVWUXWXUDomR GH XPD ORXFXUD VHMD YLVWD XPDRUJDQL]DomRSRVLWLYDHFRRUGHQDGDVREUH

$ GHVFRQVWUXomR HSLVWHPROyJLFD GR VDEHU PpGLFR TXH FDWHJRUL]D H QLYHOD D ORXFXUD

(P PRPHQWR DOJXP SURSRPRV D LQH[LVWrQFLD GD SVLFRSDWRORJLD RX HQGRVVDPRV

VRFLDO FXMD UHVSRQVDELOLGDGH SRU WUDWDPHQWRUHFDLVREUHXPDLQVWLWXLomRDPHGLFLQDLQVHULGD

LQWHUSHQHWUDomR FRPR D DEHUWXUD GR VLVWHPD VRFLDO j LQWHULRUL]DomR H LQVWLWXFLRQDOL]DomR

$ TXHVWmR VXEMDFHQWH DR FRPSRUWDPHQWR GHVYLDQWH H R FRQWUROH VRFLDO p FRPSUHHQGHU

FRQIRUPLGDGH FRP QRUPDV H YDORUHV 8PD UHODomR VXEyWLPDQRkPELWRGDLQWHJUDomRRSDSHO

'RLV DVSHFWRV HP UHODomR D DQRPLD GHYHP VHU FRQVROLGDGRV DH[SHULrQFLDVXEMHWLYDH

&RQVLGHUHPRV SRUWDQWR FRPR FDWHJRUL]RX 5RJHU %DVWLGH R GRHQWH HQTXDQWR XP

1RPLQDOPHQWH D DSUR[LPDomR GH %DVWLGH DRHVWUXWXUDOIXQFLRQDOLVPRFRPRFDPSRGH

6HFXQGDULDPHQWH D EXVFD HWLROyJLFD GD GRHQoD SRGH VHU WUDEDOKDGD HQTXDQWR

$ RUGHP GR SHQVDPHQWR GH 3DUVRQV H 0HUWRQ QmRpHVWUDQKDDRVGHVHQYROYHGRUHVGDV

1R FDVR GD GRHQoD PHQWDO HVVH FHQiULRpSDUWLFXODUPHQWHGLItFLOSHODKHWHURJHQHLGDGH

¬ FDWHJRUL]DomR GR ORXFR QmR QHFHVVDULDPHQWH p DFRPSDQKDGD SRU XPD UHVSRVWD

 =>NEAH =N?E= ¯j REIPAHABKJ=N¯ JKVAKJPKOANACNEJKON=@NE?ALKIQ?AJKEK

PRWRULVWD GR {QLEXV H SRU XPDPXOKHU0DULDHVWUDQKDDHVWUXWXUDGRHGLItFLRHDRUJDQL]DomR

2SURFHGLPHQWRFRQYHQFLRQDOGRVVRFLyORJRVp D LGHQWLILFDUDVRFLHGDGHKXPDQD RX

3DUVRQV WHQWRX DFDEDUGHXPDYH]SRUWRGDVFRPDVµHVFRODVHPFRQIOLWR¶ « $SHVDU

FDWHJRULDV GH SHVVRDV TXH VmR FULDGDV SHORV HVWXGLRVRVGDVRFLHGDGHHHQWmRSRUHOHV

FRQVLGHUiODV HQWUH HVVHV GRLV PHDQGURV ± HQWUH R GHVHQYROYLPHQWR WHyULFR H DV

REUD R HVWLJPD p DHPLQrQFLDGDVHSDUDomRHQWUHQRUPDOHORXFRejFDWHJRUL]DomRTXHVHJXH

SRLV D LQDELOLGDGH GR FRQWUROH GH VXDV IDFXOGDGHV PHQWDLVRDEVROYHGDUHVSRQVDELOLGDGHOHJDO

O=>A MQA EOOK JZK ` FQOPK =O L=N= K ATL=?EAJPA IAJP=HKLNK>HAI=LK@AOAN>AI@EBANAJPA=KEJR`O@A

 RV PHDQGURVGDGHILQLomRELROyJLFDGDHVTXL]RIUHQLDSRUPHWRGRORJLDVHHSLVWHPRORJLDV

(VWDPRV DOpP GR SRQWR GD FXOSDELOL]DomR GRORXFR$UHTXLVLomRSHODDGDSWDomRQmRp

$ DGDSWDomR GD HVTXL]RIUHQLD QmR p UHGHQWRUD 2 FDRV LPSOLFD HP GHVRUJDQL]DomR

LQGXELWDYHOPHQWH RV VLQWRPDV PHQWDLV 3RUpP D ORXFXUD DWULEXtGD FRQWLQJHQFLDOPHQWH SRGH

TXH D DGDSWDomR H D QDUUDWLYD VmR WmR LPSRUWDQWHVQDVREUDVGH(UYLQJ*RIIPDQDTXLH[SRVWDV

GR SURWDJRQLVWD YrP D SDUWLU GR PRPHQWRTXHDGHQWUDRVHXTXDUWRHOKHFHUUDPDSRUWD7RGR

EI=AIEP`NEK@KOERKO JEXNEK@K KOLd?EKAIEP`NEK@KOERKO ZK=QHKKO=?

$QRUPDLV GH 0LFKHO )RXFDXOW SXEOLFDGDV D SDUWLUGDWUDQVFULomRGRVVHPLQiULRVUHDOL]DGRVQR

FRPXP HQWUH DPERV  KRVStFLR H FiUFHUH  SRU PDLVTXHDH[SHULrQFLDKXPDQDRVGLIHUHQFLHH

$ ORXFXUD p LQRFHQWH H DYHVVD DRV RSRUWXQLVPRVHjPDOGDGH2VSRXFRVH[HPSORVYLV

(VVD p D ORXFXUD UHFRUUHQWH WDQWR QR WH[WR VDWtULFR 2 (ORJLRGD/RXFXUDGH(UDVPRGH

WRGR FRPSOH[R H DIiYHO j REVHUYDomR D KHWHURWRSLD p XP DYHVVR IUDJPHQWiULR JUDQXORVR H

1mR REVWDQWH R PRYLPHQWR UHDOL]DGR SHOD FRQVROLGDomR GRVDEHUUDFLRQDOHPpGLFRp

KRVWLOL]DQWH H R QHXWUDOL]D p HIHWLYR WDQWR DRFRQWUROHSROLFLDOHVFRFRPRDRDSD]LJXDPHQWRGD

HVIHUD IDPLOLDU 2 IDWR GH $QGUHZ 6RORPRQ VHDSUR[LPDUWDQWRGDVIDPtOLDVSDUDRHVWXGRGRV

$1'(56216 1HOV 7KH +RER WKH 6RFLRORJ\ RI WKH+RPHOHVV0DQ&KLFDJR8QLYHUVLW\RI

$1*5,67 6KLUOH\ 0HQWDO,OOQHVVDQG'HYLDQW%HKDYLRU±8QUHVROYHG&RQFHSWXDO3UREOHPV

%/80(5 +HUEHUW 6RFLHW\ DV V\PEROLF LQWHUDFWLRQLVP ,Q 6\PEROLF ,QWHUDFWLRQLVP

&2/(0$1 0D[ $QRPLH &RQFHSW 7KHRU\ 5HVHDUFK 3URPLVHI7HVH±2EHUOLQ

'20,1*8(6 -RVp 0DXUtFLR6RFLRORJLFDO7KHRU\DQGWKHSUREOHPRIFROOHFWLYHVXEMHFWLYLW\

0(5721 5REHUW . 6RFLRORJLD7HRULDH(VWUXWXUD6mR3DXOR0HVWUH-RX>@S

BBBBBBBBBBBBB 6RFLHGDGHV 3HUVSHFWLYDV HYROXWLYDV H FRPSDUDWLYDV 6mR 3DXOR (G

3,&.(56*,// 0DUW\Q 6WDQGDUGLVLQJ DQWLVRFLDOSHUVRQDOLW\GLVRUGHUWKHVRFLDOVKDSLQJRID

8/0(5 -HIIUH\ &RPPLWPHQW'HYLDQFHDQG6RFLDO&RQWURO,Q7KH6RFLRORJLFDO4XDUWHUO\

Você também pode gostar

IRUPD WmR LQWHJUDGD j %DUEDFHQD H j PLQKD SUySULD YLGD 1DV ~OWLPDVGpFDGDVQmRpGLItFLODR

$ GHVFRQVWUXomR HSLVWHPROyJLFD GR VDEHU PpGLFR TXH FDWHJRUL]D H QLYHOD D ORXFXUD

VRFLDO FXMD UHVSRQVDELOLGDGH SRU WUDWDPHQWRUHFDLVREUHXPDLQVWLWXLomRDPHGLFLQDLQVHULGD

LQWHUSHQHWUDomR FRPR D DEHUWXUD GR VLVWHPD VRFLDO j LQWHULRUL]DomR H LQVWLWXFLRQDOL]DomR

FRQIRUPLGDGH FRP QRUPDV H YDORUHV 8PD UHODomR VXEyWLPDQRkPELWRGDLQWHJUDomRRSDSHO

'RLV DVSHFWRV HP UHODomR D DQRPLD GHYHP VHU FRQVROLGDGRV DH[SHULrQFLDVXEMHWLYDH

&RQVLGHUHPRV SRUWDQWR FRPR FDWHJRUL]RX 5RJHU %DVWLGH R GRHQWH HQTXDQWR XP

1RPLQDOPHQWH D DSUR[LPDomR GH %DVWLGH DRHVWUXWXUDOIXQFLRQDOLVPRFRPRFDPSRGH

6HFXQGDULDPHQWH D EXVFD HWLROyJLFD GD GRHQoD SRGH VHU WUDEDOKDGD HQTXDQWR

1R FDVR GD GRHQoD PHQWDO HVVH FHQiULRpSDUWLFXODUPHQWHGLItFLOSHODKHWHURJHQHLGDGH

=>NEAH =N?E= ¯j REIPAHABKJ=N¯ JKVAKJPKOANACNEJKON=@NE?ALKIQ?AJKEK

PRWRULVWD GR {QLEXV H SRU XPDPXOKHU0DULDHVWUDQKDDHVWUXWXUDGRHGLItFLRHDRUJDQL]DomR

3DUVRQV WHQWRX DFDEDUGHXPDYH]SRUWRGDVFRPDVµHVFRODVHPFRQIOLWR¶ « $SHVDU

FDWHJRULDV GH SHVVRDV TXH VmR FULDGDV SHORV HVWXGLRVRVGDVRFLHGDGHHHQWmRSRUHOHV

FRQVLGHUiODV HQWUH HVVHV GRLV PHDQGURV ± HQWUH R GHVHQYROYLPHQWR WHyULFR H DV

REUD R HVWLJPD p DHPLQrQFLDGDVHSDUDomRHQWUHQRUPDOHORXFRejFDWHJRUL]DomRTXHVHJXH

O=>A MQA EOOK JZK ` FQOPK =O L=N= K ATL=?EAJPA IAJP=HKLNK>HAI=LK@AOAN>AI@EBANAJPA=KEJR`O@A

RV PHDQGURVGDGHILQLomRELROyJLFDGDHVTXL]RIUHQLDSRUPHWRGRORJLDVHHSLVWHPRORJLDV

(VWDPRV DOpP GR SRQWR GD FXOSDELOL]DomR GRORXFR$UHTXLVLomRSHODDGDSWDomRQmRp

$ DGDSWDomR GD HVTXL]RIUHQLD QmR p UHGHQWRUD 2 FDRV LPSOLFD HP GHVRUJDQL]DomR

LQGXELWDYHOPHQWH RV VLQWRPDV PHQWDLV 3RUpP D ORXFXUD DWULEXtGD FRQWLQJHQFLDOPHQWH SRGH

GR SURWDJRQLVWD YrP D SDUWLU GR PRPHQWRTXHDGHQWUDRVHXTXDUWRHOKHFHUUDPDSRUWD7RGR

EI=AIEP`NEK@KOERKO JEXNEK@K KOLd?EKAIEP`NEK@KOERKO ZK=QHKKO=?

$QRUPDLV GH 0LFKHO )RXFDXOW SXEOLFDGDV D SDUWLUGDWUDQVFULomRGRVVHPLQiULRVUHDOL]DGRVQR

FRPXP HQWUH DPERV KRVStFLR H FiUFHUH SRU PDLVTXHDH[SHULrQFLDKXPDQDRVGLIHUHQFLHH

$ ORXFXUD p LQRFHQWH H DYHVVD DRV RSRUWXQLVPRVHjPDOGDGH2VSRXFRVH[HPSORVYLV

WRGR FRPSOH[R H DIiYHO j REVHUYDomR D KHWHURWRSLD p XP DYHVVR IUDJPHQWiULR JUDQXORVR H

1mR REVWDQWH R PRYLPHQWR UHDOL]DGR SHOD FRQVROLGDomR GRVDEHUUDFLRQDOHPpGLFRp

KRVWLOL]DQWH H R QHXWUDOL]D p HIHWLYR WDQWR DRFRQWUROHSROLFLDOHVFRFRPRDRDSD]LJXDPHQWRGD

HVIHUD IDPLOLDU 2 IDWR GH $QGUHZ 6RORPRQ VHDSUR[LPDUWDQWRGDVIDPtOLDVSDUDRHVWXGRGRV

$1'(56216 1HOV 7KH +RER WKH 6RFLRORJ\ RI WKH+RPHOHVV0DQ&KLFDJR8QLYHUVLW\RI

$1*5,67 6KLUOH\ 0HQWDO,OOQHVVDQG'HYLDQW%HKDYLRU±8QUHVROYHG&RQFHSWXDO3UREOHPV

%/80(5 +HUEHUW 6RFLHW\ DV V\PEROLF LQWHUDFWLRQLVP ,Q 6\PEROLF ,QWHUDFWLRQLVP

&2/(0$1 0D[ $QRPLH &RQFHSW 7KHRU\ 5HVHDUFK 3URPLVHI7HVH±2EHUOLQ

'20,1*8(6 -RVp 0DXUtFLR6RFLRORJLFDO7KHRU\DQGWKHSUREOHPRIFROOHFWLYHVXEMHFWLYLW\

0(5721 5REHUW . 6RFLRORJLD7HRULDH(VWUXWXUD6mR3DXOR0HVWUH-RX>@S

BBBBBBBBBBBBB 6RFLHGDGHV 3HUVSHFWLYDV HYROXWLYDV H FRPSDUDWLYDV 6mR 3DXOR (G

3,&.(56*,// 0DUW\Q 6WDQGDUGLVLQJ DQWLVRFLDOSHUVRQDOLW\GLVRUGHUWKHVRFLDOVKDSLQJRID

8/0(5 -HIIUH\ &RPPLWPHQW'HYLDQFHDQG6RFLDO&RQWURO,Q7KH6RFLRORJLFDO4XDUWHUO\